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.