Vermont § 3621 Petroleum and natural gas infrastructure

Vermont Statutes

§ 3621 — Petroleum and natural gas infrastructure

Vermont § 3621

Title 32Title 32: Taxation and Finance

Ch. 123Chapter 123: How, Where, and to Whom Property Is Taxed

This text of Vermont § 3621 (Petroleum and natural gas infrastructure) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 32, § 3621 (2026).

Text

For purposes of the statewide education property tax in chapter 135 of this title, the Director shall determine the appraised value of all property and fixtures composing and underlying a petroleum or natural gas facility, petroleum or natural gas transmission line, or petroleum or natural gas distribution line located entirely within this State. The Director shall value such property at its fair market value, an assessment it shall reach by the cost approach to value by employing an actual cost-based methodology, adjusting that actual cost using a cost factor from industry-specific inflation indexes, and depreciating the resulting present cost using a depreciation schedule based on the property’s estimated remaining life; provided, however, that after the property has been depreciated to 

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For purposes of the statewide education property tax in chapter 135 of this title, the Director shall determine the appraised value of all property and fixtures composing and underlying a petroleum or natural gas facility, petroleum or natural gas transmission line, or petroleum or natural gas distribution line located entirely within this State. The Director shall value such property at its fair market value, an assessment it shall reach by the cost approach to value by employing an actual cost-based methodology, adjusting that actual cost using a cost factor from industry-specific inflation indexes, and depreciating the resulting present cost using a depreciation schedule based on the property’s estimated remaining life; provided, however, that after the property has been depreciated to 30 percent of its present cost or less, exclusive of salvage value, the property shall be appraised at 30 percent of its cost. The Director shall inform the local assessing officials of his or her appraised value under this section on or before May 1 of each year, and the local assessing officials shall use the Director’s appraised value for purposes of assessing and collecting the statewide education property tax under chapter 135 of this title. (Added 2013, No. 174 (Adj. Sess.), § 32, eff. Jan. 1, 2015.)