§641. Tax exemption

Link to law: http://legislature.vermont.gov/statutes/section/10/025/00641
Published: 2015

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The Vermont Statutes Online



Title

10

:
Conservation and Development






Chapter

025

:
VERMONT HOUSING FINANCE AGENCY






Subchapter

004
:
FORM AND NATURE OF BONDS AND NOTES










 

§

641. Tax exemption

(a) All property

of the agency is public property devoted to an essential public and

governmental function and purpose and is exempt from all taxes, franchise fees

and special assessments of whatever nature of the state or any subdivision. All

bonds or notes issued under this chapter are issued by a body corporate and

public of this state and for an essential public and governmental purpose and

those bonds and notes, and the interest thereon and the income therefrom, and

all activities of the agency and fees, charges, funds, revenues, incomes and

other moneys of the agency whether or not pledged or available to pay or secure

the payment of those bonds or notes, or interest thereon, are exempt from all

taxation, franchise fees or special assessments of whatever kind except for

transfer, inheritance and estate taxes.

(b) The agency

is not required to make or file any reports, statements or informational

returns required of any other bodies corporate except as provided in this

chapter.

(c)

Notwithstanding subsection (a) of this section, a tax lien on real property

which has attached pursuant to 32 V.S.A. § 5061 shall not be extinguished as a

result of the acquisition by the agency of property subject to such lien. No

real property owned by the agency on April 1 of any year shall be assessed for

taxes by any municipality and no lien for taxes pursuant to 32 V.S.A. § 5061

shall attach to such property whether or not the agency subsequently transfers

the property to a taxable person prior to April 1 of the following year. (Added

1973, No. 260 (Adj. Sess.), § 3, eff. April 11, 1974; amended 1983, No. 215

(Adj. Sess.), § 2, eff. May 10, 1984.)
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