2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 123 - How, Where, and to Whom Property Is Taxed › § 3708. Payments in lieu of taxes for lands held by the Agency of Natural Resources

§ 3708. Payments in lieu of taxes for lands held by the Agency of Natural Resources
(a) As used in this subchapter:
(1) “ANR land” means lands held by the Agency of Natural Resources.
(2) “Fair market value” shall be based upon the value of the land at its highest and best use determined without regard to federal conservation restrictions on the parcel or any conservation restrictions under a State agreement made with respect to the parcel.
(3) “Municipality” means an incorporated city, town, village, or unorganized town, grant, or gore in which a tax is assessed for noneducational purposes.
(b) The State shall annually pay to each municipality a payment in lieu of taxes (PILOT) that shall be the base payment as set forth under this section, for all ANR land, excluding buildings or other improvements thereon, as of April 1 of the current year.
(c) The State shall establish the base payment for all ANR land, excluding buildings or other improvements thereon, as follows;
(1) On parcels acquired before April 1, 2016, 0.60 percent of the fair market value as appraised by the Director of Property Valuation and Review as of April 1 of fiscal year 2015;
(2) On parcels acquired on or after April 1, 2016, the municipal tax rate of the fair market value as assessed on April 1 in the year of acquisition by the municipality in which it is located.
(d) Beginning in fiscal year 2023, and thereafter in periods of not less than three years and not greater than five years, the Secretary of Natural Resources shall recommend an adjustment to update the base payments established under subsection (c) of this section consistent with the statewide municipal tax rate or other appropriate indicators. For years that the Secretary of Natural Resources recommends an adjustment under this subsection, a request for funding the adjustment shall be included as part of the budget report required under section 306 of this title.
(e) Any adjustment to the acreage of any existing ANR parcel will result in the change of the base payment for the year in which the change occurs. A per acre payment will be determined for the parcel. This per acre payment will be either added or subtracted from the base payment as necessary for the number of acres that need to be adjusted.
(f) The selectboard of a town aggrieved by the appraisal of property by the Division of Property Valuation and Review under subdivision (c)(1) of this section may, within 21 days after the receipt by the town listers of notice of the appraisal of its property by the Division of Property Valuation and Review in fiscal year 2017 only, appeal that appraisal to the Superior Court of the district in which the property is situated. (Added 1999, No. 1, § 106c, eff. March 31, 1999; amended 2005, No. 38, § 19, eff. June 2, 2005; 2015, No. 58, § E.701.1, eff. July 1, 2016; 2015, No. 172 (Adj. Sess.), § E.701, eff. June 8, 2016; 2019, No. 154 (Adj. Sess.), § E.701, eff. Oct. 2, 2020; 2021, No. 105 (Adj. Sess.), § 516, eff. July 1, 2022.)