§ 5404b. Hydro-electric property; conservation easements; transfers

Notwithstanding any other provision of law, including the provisions of subdivisions 3481(1) and 3802(1) of this title:

(1) any real property subject to conservation easements granted pursuant to the terms of any agreement executed on or after January 1, 1997 between companies owning real property used for hydro-electric generation in this State, and the State of Vermont shall continue to be assessed and property taxes collected as if such property were not subject to such easements;

(2) any real property purchased by the State pursuant to the terms of any agreement executed on or after January 1, 1997 between companies owning real property used for hydro-electric generation in this State and the State of Vermont, which property continues to be owned by the State, or by some successor owner which would otherwise be exempt from property taxes, shall continue to be assessed and property taxes collected as if such property were not so purchased by the State; and

(3) any real property and fixtures used for hydro-electric generation and purchased by the Town of Rockingham on or after January 1, 2002, which property and fixtures continue to be owned by the Town of Rockingham and used for purposes of hydro-electric generation, shall continue to be listed on the education property tax grand list and assessed as if such property were not so purchased by the Town of Rockingham. The Town shall, in lieu of property taxes, pay to any governmental body authorized to levy property taxes the amount which would be assessable as property taxes on the real and tangible personal property if that property were the property of a utility. These payments shall be due, and bear interest if unpaid, as in the case of taxes on the property of a utility. For purposes of these payments in lieu of taxes, the assessors of the taxing authority shall make a valuation and assessment of the property, and determine the tax that would be assessable if the property were owned by a utility. Payments in lieu of taxes made under this chapter shall be treated in the same manner as taxes for the purposes of all procedural and substantive provisions of law, including appeals, now and hereinafter in effect applicable to assessment and taxation of real and personal property, collection and abatement of these taxes, and the raising of public revenues. (Added 1997, No. 60, § 45, eff. Jan. 1, 1998; amended 2003, No. 121 (Adj. Sess.), § 100, eff. June 8, 2004.)