The bill H.273 proposes amendments to the Use Value Appraisal Program in Vermont, specifically targeting the eligibility criteria for farmers. It establishes that a farmer qualifies for the program if they earn at least 25 percent of their annual gross income from farming, a reduction from the previous requirement of one-half. Additionally, the bill expands the definition of a farmer to include those who earn at least 25 percent of their income from the raising, feeding, or management of equines.

Furthermore, the bill reduces the land use change tax rate from 10 percent to 6 percent of the full fair market value of the changed land. This tax applies when agricultural land or managed forestland is developed, and it is assessed without regard to the use value appraisal. The bill also clarifies that no additional land use change tax is required if previously eligible land becomes ineligible without any development occurring. The act is set to take effect upon passage.

Statutes affected:
As Introduced: 32-3752(7), 32-3752, 32-3757(a), 32-3757