Vermont H0134 modifies land use change tax calculation and exempts land withdrawn for affordable housing development.

Vermont H0134 changes how land use change tax is calculated when a portion of a parcel is removed from use value appraisal. Instead of valuing the removed or designated neighborhood, the calculation will use proration based on acreage. The bill also creates a new land use change tax exemption for land withdrawn to develop affordable housing, provided the land fronts an existing public road and is part of, or no more than three miles from the boundary of, a State designated downtown or village center, planned growth area.

Vermont H0134 modifies land use change tax calculation and exempts land withdrawn for affordable housing development.

Vermont H0134 changes how land use change tax is calculated when a portion of a parcel is removed from use value appraisal. Instead of valuing the removed or designated neighborhood, the calculation will use proration based on acreage. The bill also creates a new land use change tax exemption for land withdrawn to develop affordable housing, provided the land fronts an existing public road and is part of, or no more than three miles from the boundary of, a State designated downtown or village center, planned growth area.