32 V.S.A. § 5404b — Hydroelectric property; conservation easements; transfers

Notwithstanding any other provision of law, including the provisions of subdivisions 3481(1) and 3802(1) of this title:
(1) any real property subject to conservation easements granted pursuant to the terms
of any agreement executed on or after January 1, 1997 between companies owning real
property used for hydroelectric generation in this State and the State of Vermont
shall continue to be assessed and property taxes collected as if such property were
not subject to such easements;
(2) any real property purchased by the State pursuant to the terms of any agreement executed
on or after January 1, 1997 between companies owning real property used for hydroelectric
generation in this State and the State of Vermont, which property continues to be
owned by the State or by some successor owner that would otherwise be exempt from
property taxes, shall continue to be assessed and property taxes collected as if such
property were not so purchased by the State; and
(3) any real property and fixtures used for hydroelectric generation and purchased by
the Town of Rockingham on or after January 1, 2002, which property and fixtures continue
to be owned by the Town of Rockingham and used for purposes of hydroelectric generation,
shall continue to be listed on the education property tax grand list and assessed
as if such property were not so purchased by the Town of Rockingham. The Town shall,
in lieu of property taxes, pay to any governmental body authorized to levy property
taxes the amount that would be assessable as property taxes on the real and tangible
personal property if that property were the property of a utility. These payments
shall be due, and bear interest if unpaid, as in the case of taxes on the property
of a utility. For purposes of these payments in lieu of taxes, the assessors of the
taxing authority shall make a valuation and assessment of the property and determine
the tax that would be assessable if the property were owned by a utility. Payments
in lieu of taxes made under this chapter shall be treated in the same manner as taxes
for the purposes of all procedural and substantive provisions of law, including appeals,
now and hereinafter in effect applicable to assessment and taxation of real and personal
property, collection and abatement of these taxes, and the raising of public revenues. (