MONTPELIER, Vt. (AP) - Vermont lawmakers are set to hold a public hearing on changes to the state's system of taxing some properties according to how they're used, rather than fair market value.
Vermont for decades has had a program designed to charge lower property taxes for people who own farm and forest land, in contrast to what they would pay if the land were considered ripe for development.
The bill would lower the tax landowners have to pay when they withdraw from the program. It's currently set at 20 percent of the property's full fair market value. That would be lowered to 10, 5 or three percent, depending on how long the same person had owned the land.
The hearing is set for Tuesday from 6 to 8 p.m. in Statehouse Room 11.
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