32 V.S.A. § 3872 — Administration and certification [Repealed effective July 1, 2037]

(a) To be eligible for exemption under this subchapter, a property owner shall:
(1) submit an application to the Agency of Commerce and Community Development in the form
and manner determined by the Agency, including certification by the property owner
that the property and improvements qualify for exemption at the time of application
and annually thereafter until the exemption period ends; and
(2) the certification shall include an attestation under the pains and penalties of perjury
that the property will be used in the manner provided under this subchapter during
the exemption period, including occupancy of dwellings as principal residences and
not as short-term rentals as defined under 18 V.S.A. § 4301(a)(14), and that the property owner will either provide alternative housing for tenants
at the same rent or that the property has been unoccupied either by a tenant’s choice
or for 60 days prior to the application. A certification by the property owner granted
under this subdivision shall:
(A) be coextensive with the exemption period;
(B) require notice to the Agency of the transfer or assignment of the property prior to
transfer, which shall include the transferee’s or assignee’s full names, phone numbers,
and email and mailing addresses;
(C) require notice to any prospective transferees or assignees of the property of the
requirements of the exemption under this subchapter; and
(D) require a new certification to be signed by the transferees or assignees of the property.
(b) The Agency shall establish and make available application forms and procedures necessary
to verify initial and ongoing eligibility for exemption under this subchapter. Not
later than 60 days after receipt of a completed application, the Agency shall determine
whether the property and any proposed improvements qualify for exemption and shall
issue a written decision approving or denying the exemption. The Agency shall notify
the property owner, the municipality where the property is located, and the Commissioner
of Taxes of its decision.
(c) If the property owner fails to use the property according to the terms of the certification,
the Agency shall, after notifying the property owner, determine whether to revoke
the exemption. If the exemption is revoked, the Agency shall notify the property owner,
the municipality where the property is located, and the Commissioner of Taxes. Upon
notification of revocation, the Commissioner shall assess to the property owner:
(1) all State and municipal property taxes as though no exemption had been approved, including
for any exemption period that had already begun; and
(2) interest pursuant to section 3202 of this title on previously exempt taxes.
(d) No new applications for exemption shall be approved pursuant to this subchapter after
December 31, 2027. (