32 V.S.A. § 3703 — Grant formula

(a) The amount of a grant to a municipality authorized by this subchapter shall be based
on the total assessed value of any State-owned property located in the 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 multiplied
by the adjusted municipal tax rate for the municipality in which the property is located.
(b) [Repealed.]
(c) The total of any grants under subsection (a) of this section for buildings owned by
the University of Vermont and State Agricultural College shall be limited to a maximum
of $750,000.00.
(d) [Repealed.]
(e) The Secretary of Administration shall have authority to reduce any payments under
this subchapter to avoid multiple payments to a municipality in the same year in lieu
of taxes with respect to the same property. (