32 V.S.A. § 5405 — Determination of equalized education property tax grand list and coefficient of dispersion

(a) Annually, on or before April 1, the Commissioner shall determine the equalized education
property tax grand list and coefficient of dispersion for each municipality in the
State; provided, however, that for purposes of equalizing grand lists pursuant to
this section, the equalized education property tax grand list of a municipality that
establishes a tax increment financing district shall include the fair market value
of the property in the district and not the original taxable value of the property,
and further provided that the unified towns and gores of Essex County may be treated
as one municipality for the purpose of determining an equalized education property
grand list and a coefficient of dispersion, if the Director determines that all such
entities have a uniform appraisal schedule and uniform appraisal practices.
(b) The sum of all municipal equalized education property tax grand lists shall be the
equalized education property tax grand list for the State.
(c) In determining the fair market value of property that is required to be listed at
fair market value, the Commissioner shall take into consideration those factors required
by section 3481 of this title. The Commissioner shall value property as of April 1 preceding the determination
and shall take account of all homestead declaration information available before October
1 each year.
(d) Any determination of fair market value made by the Commissioner under this section
shall be based upon such methods as, in the judgment of the Commissioner and in view
of the resources available for that purpose, shall be appropriate to support that
determination. If the common level of appraisal is calculated using the weighted mean
of ratios, any outlier shall be carefully reviewed and deleted if it will significantly
affect the weighted mean, particularly if the outlier is a high-value property.
(e) Individual appraisals performed by the Division of Property Valuation and Review may
be used to supplement actual sales when necessary to obtain a representative sample.
(f) Within the limits of the resources available for that purpose, the Commissioner may
employ such individuals, whether on a permanent, temporary, or contractual basis,
as shall be necessary, in the judgment of the Commissioner, to aid in the performance
of duties under this section. The Commissioner shall pay each municipality the sum
of $1.00 per grand list parcel in the municipality for services provided to the Commissioner
in connection with the performance of duties under this section. Each municipality
shall deposit payments received under this subsection into a special fund that shall
be used to support the preparation of the education property tax grand list.
[Subsection (g) effective until contingency met; see also subsection (g) effective
July 1, 2028 if contingency met, set out below.]
(g) The Commissioner shall provide to municipalities for the front of property tax bills
the district homestead property tax rate before equalization, the nonresidential tax
rate before equalization, and the calculation process that creates the equalized homestead
and nonhomestead tax rates. The Commissioner shall further provide to municipalities
for the back of property tax bills an explanation of the common level of appraisal,
including its origin and purpose.
[Subsection (g) effective July 1, 2028 if contingency met; see also subsection (g)
effective until contingency met, set out above.]
(g) The Commissioner shall provide to municipalities for the front of property tax bills
the statewide education tax rate before equalization and the calculation process that
creates the equalized homestead and nonhomestead tax rates. The Commissioner shall
further provide to municipalities for the back of property tax bills an explanation
of the common level of appraisal, including its origin and purpose. (