The bill H.134 proposes amendments to the land use change tax calculation in Vermont, specifically when a portion of a parcel is removed from use value appraisal. The new calculation will utilize proration based on acreage rather than treating the removed portion as a separate parcel. Additionally, the bill introduces a new exemption from the land use change tax for land that is withdrawn to develop affordable housing, provided certain conditions are met, such as the land fronting an existing public road and being located near designated growth areas.

The specific legal language changes include the deletion of the phrase "as a separate parcel" and the insertion of "prorated on the basis of acreage," which clarifies how the fair market value of the changed land will be determined. Furthermore, the bill outlines the criteria for the new exemption, including proximity to designated downtown or village centers and ensuring that the withdrawal does not fragment existing parcels. The act is set to take effect on July 1, 2025.

Statutes affected:
As Introduced: 32-3757