Vermont Statutes Title 32 Sec. 5406
Terms Used In Vermont Statutes Title 32 Sec. 5406
- Appraisal: A determination of property value.
- Director: means the Director of Property Valuation and Review. See
- Education property value: means the aggregate fair market value of all nonhomestead and homestead real property that is required to be listed at fair market value as certified during that year by the Director of Property Valuation and Review under section 5406 of this title, plus the aggregate value of property required to be listed at a value established under a stabilization agreement described under section 5404a of this title, plus the aggregate use value established under chapter 124 of this title of all nonhomestead real property that is enrolled in the use value appraisal program. See
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Municipality: means a city, town, unorganized town, village, grant, or gore; or, in the case of property located within the territorial limits of an incorporated school district, "municipality" means an incorporated school district. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
§ 5406. Notice of fair market value and coefficient of dispersion
(a) Not later than January 1 of each year, the Director of Property Valuation and Review shall notify the town clerk and chair of the board of listers of each municipality of the equalized education property value and the coefficient of dispersion of that town for the prior year and of the manner by which the equalized education property value and coefficient of dispersion were determined by the Director.
(b) Not later than April 1 of each year, the Director shall certify to the Secretary of Education the equalized education property value and coefficient of dispersion for the prior year of every municipality of the State.
(c) If the Director of Property Valuation and Review certifies that a municipality has completed a townwide reappraisal, the common level of appraisal for that municipality shall be equal to its new grand list value divided by its most recent equalized grand list value, for purposes of determining education property tax rates. (Added 1997, No. 60, § 45, eff. Jan. 1, 1998; amended 1997, No. 71 (Adj. Sess.), § 10, eff. Jan. 1, 1998; 2003, No. 76 (Adj. Sess.), § 9, eff. Feb. 17, 2004; 2005, No. 75, § 12; 2013, No. 92 (Adj. Sess.), § 287, eff. Feb. 14, 2014.)