Section 3703 - Grant formula(a) The amount of a grant to a municipality authorized by this subchapter shall be based on the total assessed value of any State-owned property located in the municipality, multiplied by the common level of appraisal for the municipality as determined by the Division of Property Valuation and Review, multiplied by one percent, and multiplied by the adjusted municipal tax rate for the municipality in which the property is located.(c) The total of any grants under subsection (a) of this section for buildings owned by the University of Vermont and State Agricultural College shall be limited to a maximum of $750,000.00.(e) The Secretary of Administration shall have authority to reduce any payments under this subchapter to avoid multiple payments to a municipality in the same year in lieu of taxes with respect to the same property.Added 1997, No. 60, § 53; amended 1997, No. 71 (Adj. Sess.), § 26, eff. 7/1/1997; 1999, No. 1, § 106b, eff. 3/31/1999.