Section 10 061 004 - REASONABLE PROGRESS TOWARD COMPLETING A REAPPRAISALDIVISION OF PROPERTY VALUATION AND REVEIW
Section 1 Purpose Section 3475 of Title 16 provides that a school district will have a listing penalty subtracted from their state aid if their listed value is less than eighty percent of the aggregate fair market value certified by the director of Property Valuation and Review. It further provides that this penalty may be waived if the town is making "reasonable progress toward completing a reappraisal." It is the purpose of this rule to spell out clearly to local towns and school districts what standards will be used to determine whether a town is making "reasonable progress toward completing a reappraisal."
Section 2 Listing Penalty A. A municipality will be judged to be making reasonable progress toward completing the reappraisal if they provide the director with the following by April 1 of any given year: 1. a request for certification of reasonable progress;2. if the municipality has contracted for a reappraisal, a copy of the contract with a reputable mass appraisal firm or individual showing a grand list completion date in line with the schedule described under # 5 below;3. if the municipality is planning to conduct its own reappraisal, proof of the appraiser's qualifications and abilities including samples of completed appraisal cards, and evidence that they have completed an amount of the work proportional to the period of time worked and the time left to complete the grand list;4. evidence that municipal funds have been made available to complete the reappraisal;5. a schedule showing the completion dates of various appraisal activities including the date by which all properties shall have been inspected, the date by which all of the value estimates shall have been made, the date by which the values shall have been reviewed by the listers, the date by which the grand list and notices of change of appraisals shall have been made.B. A town receiving certification of progress shall complete a reappraisal and adjust its grand list that same year; however, a town requesting a certification prior to April 1, 1984, shall be expected to complete a reappraisal and adjust its grand list not later than 1985.C. The listing penalty may not be waived for more than two consecutive years. A town which previously received certification of reasonable progress and requests certification again in 1985 will be required to show the completion of a substantial part of the reappraisal and evidence that the reappraisal will be completed and used for the 1985 grand list. After 1984 the listing penalty may not be waived for two consecutive years.D. In 1984, the towns already certified in October, 1983 need not be recertified.10-004 Code Vt. R. 10-061-004-X
EFFECTIVE: 3/31/84 (Secretary of State Rule Log # 84-9)