Bill S.315, introduced by Senator Mattos, aims to provide a homestead property tax exemption for long-term residents aged 65 and older. The bill proposes that individuals who meet specific criteria—being at least 65 years old as of December 31 of the taxable year and having been domiciled in Vermont for at least 10 consecutive years—will be exempt from the homestead education property tax. The exemption will be phased in over four years, with full exemption starting in fiscal year 2030.

The bill amends current law by adding a new section to 32 V.S.A. 3802, which outlines the conditions for the exemption, and establishes a transition period for fiscal years 2027 to 2029, during which the education property tax will be calculated at reduced rates (75% in 2027, 50% in 2028, and 25% in 2029) for eligible homeowners. Additionally, the act is set to take effect on July 1, 2026.

Statutes affected:
As Introduced: 32-3802