2005 Vermont Code - § 13-1309.8. — Refund of surplus tax revenues

§ 13-1309.8. Refund of surplus tax revenues

Should the actual grand list, filed with the city clerk prior to the grievance hearings, be more than three (3%) percent higher that the estimated grand list as furnished by the department of assessment in accordance with section 1309.4, the city council shall compute the resulting surplus and refund said surplus by equally crediting each taxpayer's remaining installments for the balance of the fiscal year. Actions under this subsection shall not affect the budget limitations for the following year as set forth in section 1309. Such limitations shall be computed using the estimated grand list for each year, and the tax rates based upon the operating budgets and estimated grand list or the maximum allowable tax rates, prior to any vote, whichever are less.