2005 Vermont Code - § 5412. — Valuation appeals and recalculation of education tax liability

§ 5412. Valuation appeals and recalculation of education tax liability

(a)(1) If a listed value is reduced as the result of an appeal, and if the municipality files a written request with the commissioner within 30 days after the date of the settlement agreement, determination, or entry of the final order, the commissioner shall recalculate the municipality's education property tax liability for the year at issue, in accord with the reduced valuation, provided that:

(A) the reduction in valuation is the result of an appeal under chapter 131 of this title to the director of property valuation and review or to a court, with no further appeal available with regard to that valuation;

(B) the municipality notified the commissioner of the appeal, in writing, within ten days after notice of the appeal was filed under section 4461 of this title; and

(C) as a result of the valuation reduction of the parcel, the value of the municipality's grand list is reduced at least one percent.

(2) The municipality's request shall include a copy of the agreement, determination or final order, and any other documentation necessary to show the existence of these conditions.

(b) The commissioner shall allow the municipality a credit for any reduction in education tax liability, to the extent that the municipality has paid that liability, against the next ensuing year's education tax liability.

(c) If a listed value is increased as the result of an appeal under chapter 131 of this title, whether adjudicated or settled, with no further appeal available with regard to that valuation, the commissioner shall recalculate the municipality's education property tax for each year at issue, in accord with the increased valuation, and shall assess the municipality for the additional tax at the same time the commissioner assesses the municipality's education tax liability for the next ensuing year, unless the resulting assessment would be less than $300.00. Payment under this section shall be due with the municipality's education tax liability for the next ensuing year.

(d) Recalculation of education property tax under this section shall have no effect other than to reimburse or assess a municipality for education property tax changes which result from property revaluation. (Added 2001, No. 63, § 279, eff. June 16, 2001.)