Appraisal of unimproved land approved for commercial or industrial development (a) The requirements of general law notwithstanding, the Assessor shall not take into consideration the effect of any local or State approval authorizing commercial or industrial development of unimproved land when determining the appraisal value of such land, except as provided in subsection (c) of this section. (b) The requirements of general law notwithstanding, the Assessor shall not consider roadway, drainage, or utility improvements constructed on unimproved land pursuant to an approval granted to develop such land for commercial or industrial purposes, except as provided in subsection (c) of this section. (c) As of April 1 next following the date of issuance of a zoning permit under the City of South Burlington Land Development Regulations authorizing construction of a building or buildings for commercial or industrial purposes, the Assessor shall determine the appraisal value of the land benefitted by said permit, taking into account all factors required under general law, including any permit or approval or any improvements not previously considered pursuant to subsections (a) and (b) nefitted by said permit, taking into account all factors required under general law, including any permit or approval or any improvements not previously considered pursuant to subsections (a) and (b) of this section. If the permit holder has not taken action to initiate the authorized construction within six months of the date of issuance of the zoning permit and the zoning permit has expired, or if the zoning permit has been appealed to the Vermont Environmental Court, the Assessor shall not consider the land to be benefited by the permit. (d) 'Unimproved land' means land, together with any improvements thereon, which is not devoted to a commercial or industrial use.
Vermont Legal Code