(a) Except for the property of utilities subject to regulation by the Vermont Public Utility Commission, all personal and real property set out in the grand list that is not used as residential property, farmland, and vacant land zoned "recreation, conservation, and open space (RCO)" shall be classified as nonresidential property and shall be assessed at 120 percent of fair market value; and further provided that inventories shall no longer be set out in the grand list of the City as taxable personal estate. Properties upon which in-lieu-of-tax payments are made shall be likewise classified and assessed for the purposes of such payments.

(b) As used in this section, "residential property" is hereby defined to include all property used for dwelling purposes, including accessory property which is subordinate to or customarily incidental to the main residential use such as garages and outbuildings. Where a property is used for both residential and nonresidential purposes, it shall be apportioned according to such uses and then classified and assessed as herein provided. (Added 2013, No. M-9, § 3, eff. June 4, 2013.)