Bill H.949 proposes adjustments to the property tax yields and rates for the fiscal year 2027, including specific monetary values for the property dollar equivalent yield ($9,170.00) and the income dollar equivalent yield ($12,576.00). It establishes a nonhomestead property tax rate of $1.698 per $100.00 of equalized education property value. Additionally, the bill reserves $52,450,000.00 in the Education Fund to offset potential increases in education property tax rates for fiscal year 2028, with the Commissioner of Taxes required to consider this reserve in future calculations.

The bill also includes amendments to existing definitions and provisions related to education funding. It modifies the definition of the statewide education tax rate to include the statewide adjustment of the taxable year and adjusts the calculation of the equalized value of housesites. Furthermore, it appropriates $150,576.00 from the Education Fund to the City of Barre for overpayments of education property taxes due to tax increment financing issues. The uniform base amount for census grants is set at $2,350.00, with provisions for annual inflation adjustments starting in fiscal year 2028. The act is set to take effect on July 1, 2026.

Statutes affected:
As Introduced: 32-6061, 16-2961
As Passed By the House -- Official: 32-6061, 16-2961
As Passed By the House -- Unofficial: 32-6061, 16-2961