An act relating to the Use Value Appraisal Program

This bill updates Vermont's Use Value Appraisal Program, which helps farmers pay lower property taxes by valuing farmland at its agricultural use value instead of market value. It changes the eligibility requirement to require at least 25% of a farmer's annual income from farming (including a new provision for those earning 25% from raising horses) and reduces the land use change tax rate from 10% to 6% when agricultural land is developed. These changes aim to make the program more accessible to a wider range of agricultural operations, including horse-related businesses. The bill directly affects farmers and landowners seeking to enroll agricultural land in the program or develop previously enrolled land.