Vermont Statutes Title 32. Taxation and Finance, § 3760. Payment to municipalities

(a)(1) Annually, the State shall pay to each municipality the amount necessary to limit its tax rate increase in the prior year due to the loss of municipal property tax revenue for that year based on use value of enrolled property as compared to municipal property tax revenue for that year based on fair market value of enrolled property, to zero.

(2) The Director of Property Valuation and Review shall determine the amount of the available funds under this section to be paid to each municipality, and a municipality may appeal the Director's decision in the same manner and under the same procedures as an appeal from a decision of a Board of Civil Authority, as set forth in chapter 131, subchapter 2 of this title.

(3) On November 1 of each year, the Director of Property Valuation and Review shall pay to each municipality the amount calculated as described in this section. If the appropriation for the year is insufficient to pay the full amount due to every municipality under this subsection, payments in that year shall be made to such towns proportionately.

(4) If the appropriation for the year is insufficient to pay the full amount due to any municipality for enrolled property owned by another municipality, the municipality in which the property is located may assess the other municipality and the other municipality shall pay the difference.

(5) The Director's calculation of payment amounts to municipalities shall be based on grand list values and total tax appropriations as submitted to the Director for the prior year.