Updated May 5, 2025.
Per 32 V.S.A. § 4452, the Department of Taxes is required to provide municipalities with public utility valuations by May 1 each year. Due to delays in receiving documentation and implementing a new submission and valuation method, we now expect to provide these valuations (with the CLA applied) later this week.
Important Reminders
- Under Act 144 (2024), starting with the 2025 Grand List, the valuations provided by the Department must be used by listers for property used in the transmission and distribution of electricity.
- Even if you have received a direct filing from a company, do not use that number if it relates to transmission and distribution property. Always wait for the Department's official value.
Grand List Submission
- Please wait for these values before submitting your Grand List (due June 4 or June 24).
- If you must file before receiving the new values, you may use the prior year’s value—but you must update it before tax bills are sent.
- Note: These updates will not qualify as errors and omissions because the Director of PVR has statutory authority over these values.
- Ensure that all UE parcels have a value listed.
- For 2025, be sure to run your Grand List in both VTPIE and NEMRC.
Additional Information
- Some valuations have changed significantly due to the new methodology. Please review our late 2024 Memo: Department of Taxes Implements Act 144 of 2024 Utility Valuation Treatment Department of Taxes.
- Certain utility property components may be classified as personal or commercial (FERC 390 commercial buildings, hydro, solar, biomass, etc.). If this applies, you will be notified by PVR and our contractor, Brian Fogg, and you will need to establish an independent value for those portions.
Court Settlements
If you have a court settlement in place, that valuation will continue to apply until the end of the settlement period. Afterward, municipalities are required to use the values provided by PVR.
Next Steps
Once the values are released, we will schedule a Teams meeting with Brian and Owen Fogg, our utility valuation contractors, to explain the numbers and how to access them.
For questions, please contact your district advisor.