§ 1903 - Reappraisal of taxable property - Vermont Statutes

§ 13-1903. Reappraisal of taxable property

The department of assessment shall reappraise at least every three years but may reappraise annually all taxable property located in the city on April 1 of each year. The department shall determine the fair market value of such property as of April 1 of each year and set the property in the grand list on the basis of such valuation. The department shall not be required to physically inspect all property reappraised provided that the city has:

(1) Had land development regulations in effect for the preceding 12 months which required the issuance of a permit for the construction of any new structure, the change in use of any structure or land, or the renovation of any existing structure involving an estimated cost as determined by definition in the land development regulations.

(2) Had land development regulations in effect for the preceding 12 months which required the approval of the planning commission for the division of any parcel of land into two or more parcels for purposes of sale, lease or other conveyance and provided further that the department has:

(A) Physically inspected all property for which a zoning permit or subdivision approval has been issued.

(B) Pursuant to state regulation and industry standards, developed a method approved by the city council for determining the fair market value of all property in the city as of April 1 of the subject year. This method must be:

(i) Set forth in written form.

(ii) Available for public inspection or review at the time the department sends out notices of change of appraisal.

(iii) Utilized in the determination of the fair market value of all taxable property in the city, except that property which is subject to tax stabilization agreements.