FISCAL YEAR 2017 (ACTUAL)
The FY17 payment is based on the value of state-owned property as of April 1, 2015. Those values were provided to the municipalities in a memorandum from Property Valuation and Review (PVR) dated May 1, 2016. We have converted those values to grand list (adjusted by the local common level of appraisal) to determine what an adjusted grand list as of April 1, 2015 would have been if such property was taxable.
We then determined an adjusted municipal tax rate (what the tax rate would have been if such property were taxable). The resulting amount (Full PILOT) was then prorated by a factor of about 74.7%. Proration is necessary as the full PILOT statewide was over $9.6 M and a total of $7.2 M available for distribution.
The payment was issued on or about October 31, 2016, see 32 V.S.A. § 3706.
FISCAL YEAR 2018 (ESTIMATE ONLY)
The FY18 payment will be based on the value of state-owned property as of April 1, 2016. The estimated payment calculated as of June 29, 2017 is listed below and was provided to the municipalities in a memorandum from Property Valuation and Review (PVR) dated June 29, 2017.
The payment will be issued on or about October 31, 2017. Municipalities are strongly encouraged to review the estimate. If you have questions about these calculations, please contact Property Valuation and Review at (802) 828-6834.