Property Ownership
Vermont's 'Current Use Program' provides tax benefits to qualifying agricultural and forest lands by assessing them at:
A50% of fair market value
BTheir use value for agricultural or forestry purposes rather than full market value✓ Correct
CZero (full tax exemption)
DThe average of market value and use value
Explanation
Vermont's Use Value Appraisal (Current Use) Program assesses enrolled agricultural and forest lands at their value for agricultural or forestry use rather than full market value, significantly reducing property tax burdens for Vermont farmers and forest landowners.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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