The term "fair market value of taxable property" shall mean the last locally assessed valuation of a member district in New York, as last equalized by the New York State Tax Commission.
The term "fair market value of taxable property" shall mean the equalized grand list of a Vermont member district, as determined by the Vermont Department of Taxes.
Such assessed valuation and grand list may be further adjusted (by elimination of certain types of taxable property from one or the other or otherwise) in accordance with the articles of agreement, in order that the fair market value of taxable property in each state shall be comparable.
"Average daily resident membership" of the interstate district in the first instance shall be the sum of the average daily resident membership of the member districts in the grades involved for the preceding fiscal year where no students were enrolled in the interstate district schools for such preceding fiscal year.
16 V.S.A. § 796