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1 H.530
2 Introduced by Representative Harrison of Chittenden
3 Referred to Committee on
4 Date:
5 Subject: Taxation; property tax; property tax credit; housesite value exclusion
6 Statement of purpose of bill as introduced: This bill proposes to increase by
7 25 percent the housesite value exclusion used to calculate the homestead
8 property tax credit.
9 An act relating to increasing the property tax credit housesite value
10 exclusion
11 It is hereby enacted by the General Assembly of the State of Vermont:
12 Sec. 1. 32 V.S.A. § 6066(a) is amended to read:
13 (a) An eligible claimant who owned the homestead on April 1 of the year in
14 which the claim is filed shall be entitled to a credit for the prior year’s
15 homestead property tax liability amount determined as follows:
16 (1)(A) For a claimant with household income of $90,000.00 or more:
17 (i) the statewide education tax rate, multiplied by the equalized
18 value of the housesite in the taxable year;
19 (ii) minus (if less) the sum of:
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1 (I) the income percentage of household income for the taxable
2 year; plus
3 (II) the statewide education tax rate, multiplied by the
4 equalized value of the housesite in the taxable year in excess of $225,000.00
5 $281,250.00.
6 (B) For a claimant with household income of less than $90,000.00
7 but more than $47,000.00, the statewide education tax rate, multiplied by the
8 equalized value of the housesite in the taxable year, minus (if less) the sum of:
9 (i) the income percentage of household income for the taxable
10 year; plus
11 (ii) the statewide education tax rate, multiplied by the equalized
12 value of the housesite in the taxable year in excess of $400,000.00
13 $500,000.00.
14 (C) For a claimant whose household income does not exceed
15 $47,000.00, the statewide education tax rate, multiplied by the equalized value
16 of the housesite in the taxable year, minus the lesser of:
17 (i) the sum of the income percentage of household income for the
18 taxable year plus the statewide education tax rate, multiplied by the equalized
19 value of the housesite in the taxable year in excess of $400,000.00
20 $500,000.00; or VT LEG #372455 v.1
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1 (ii) the statewide education tax rate, multiplied by the equalized
2 value of the housesite in the taxable year reduced by $15,000.00.
3 ***
4 (5) In no event shall the credit provided for in subdivision (3) or (4) of
5 this subsection exceed the amount of the reduced property tax. The credits
6 under subdivision (4) of this subsection shall be calculated considering only
7 the tax due on the first $400,000.00 $500,000.00 in equalized housesite value.
8 Sec. 2. EFFECTIVE DATE
9 This act shall take effect on July 1, 2024 and shall apply to property tax
10 credit claims filed on and after January 1, 2025.
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Statutes affected:
As Introduced: 32-6066(a), 32-6066