Vermont Statutes Title 6 Sec. 33
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Terms Used In Vermont Statutes Title 6 Sec. 33
- 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: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. 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
§ 33. Assessments
After acquisition of development rights by the State, the agricultural landowner shall be taxed, under 32 Vt. Stat. Ann. chapter 123, upon the fair market value of the remaining rights or interests to which title is retained. The Department of Taxes and the municipality assessing the tax shall cooperate with the landowner in determining the fair market value of the remaining rights or interests. (Added 1987, No. 200 (Adj. Sess.), § 63, eff. May 19, 1988.)