Vt. Stat. tit. 32 § 8286
The aforesaid appraisals shall not include the following classes of property owned by railroad companies: tenement houses and the lands whereon the same are located; lands or buildings leased to or occupied by another person or corporation for other than railroad purposes; timber, farming, meadow, or pasture lands; and water power or electric plants not used for railroad purposes. The section of the North Stratford, New Hampshire to Beecher Falls, Vermont railroad line owned by the State of New Hampshire and situated in the Town of Canaan shall be exempt from taxation under this subchapter when this section of railroad line is used solely for public recreation purposes, and not for railroad purposes, during the entire taxable year. Each railroad company that owns property coming within the scope of this section shall maintain with the clerk of each town or city wherein such property is located a certified list describing all such property within the town or city. When the status of any railroad property changes, the railroad shall notify forthwith the town clerk in the town where the property is located of such change.
32 V.S.A. § 8286