Terms Used In Vermont Statutes > Title 32 > Chapter 123 > Subchapter 4 - State Payment in Lieu of Property Taxes

• Adjusted municipal grand list: means the total assessed value of any State-owned property located in a municipality, multiplied by the common level of appraisal for the municipality as determined by the Division of Property Valuation and Review, multiplied by one percent, and added to the grand list of the municipality as determined pursuant to chapter 129 of this title. See
• Adjusted municipal tax rate: means the total sum of money voted by a municipality for all noneducational expenses pursuant to 17 V. See
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• 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.
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Municipality: means an incorporated city, town, village, or unorganized town, grant, or gore in which a tax is assessed for noneducational purposes. 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
• State-owned property: means

• Statute: A law passed by a legislature.
• 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
• Village: shall mean an incorporated village. See