| 3 | | - | H.491 |
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| 4 | | - | IntroducedbyCommitteeonWaysandMeans |
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| 5 | | - | Date: |
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| 6 | | - | Subject:Taxation;educationpropertytax;homesteadyields;nonhomestead |
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| 7 | | - | rate |
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| 8 | | - | Statementofpurposeofbillasintroduced:Thisbillproposestosetthe |
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| 9 | | - | propertydollarandincomedollarequivalentyieldsforthepurposeofsetting |
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| 10 | | - | homesteadpropertytaxratesandproposestosetthenonhomesteadproperty |
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| 11 | | - | taxrate.Thisbillalsoproposesatechnicalcorrectiontothecalculationofthe |
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| 12 | | - | equalizedvalueofahousesitetoaccountforthestatewideadjustment. |
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| 13 | | - | Anactrelatingtosettingthehomesteadpropertytaxyieldsandthe |
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| 14 | | - | nonhomesteadpropertytaxrate |
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| 15 | | - | ItisherebyenactedbytheGeneralAssemblyoftheStateofVermont: |
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| 16 | | - | Sec.1.PROPERTYDOLLAREQUIVALENTYIELD,INCOME |
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| 17 | | - | DOLLAREQUIVALENTYIELD,ANDNONHOMESTEAD |
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| 18 | | - | PROPERTYTAXRATEFORFISCALYEAR2026 |
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| 19 | | - | Forfiscalyear2026only: |
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| 20 | | - | (1)Pursuantto32V.S.A.§5402b(b),thepropertydollarequivalent |
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| 21 | | - | yieldshallbe$8,596.00. |
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| 40 | | - | 19 BILLASPASSEDBYTHEHOUSE H.491 |
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| 5 | + | VT LEG #381493 v.3 |
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| 6 | + | H.491 1 |
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| 7 | + | Introduced by Committee on Ways and Means 2 |
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| 8 | + | Date: 3 |
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| 9 | + | Subject: Taxation; education property tax; homestead yields; nonhomestead 4 |
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| 10 | + | rate 5 |
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| 11 | + | Statement of purpose of bill as introduced: This bill proposes to set the 6 |
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| 12 | + | property dollar and income dollar equivalent yields for the purpose of setting 7 |
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| 13 | + | homestead property tax rates and proposes to set the nonhomestead property 8 |
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| 14 | + | tax rate. This bill also proposes a technical correction to the calculation of the 9 |
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| 15 | + | equalized value of a housesite to account for the statewide adjustment. 10 |
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| 16 | + | An act relating to setting the homestead property tax yields and the 11 |
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| 17 | + | nonhomestead property tax rate 12 |
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| 18 | + | It is hereby enacted by the General Assembly of the State of Vermont: 13 |
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| 19 | + | Sec. 1. PROPERTY DOLLAR EQUIVALENT YIELD, INCOME 14 |
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| 20 | + | DOLLAR EQUIVALENT YIELD, AND NONHOMESTEAD 15 |
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| 21 | + | PROPERTY TAX RATE FOR FISCAL YEAR 202 6 16 |
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| 22 | + | For fiscal year 2026 only: 17 |
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| 23 | + | (1) Pursuant to 32 V.S.A. § 5402b(b), the property dollar equivalent 18 |
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| 24 | + | yield shall be $8,596.00. 19 BILL AS INTRODUCED H.491 |
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| 42 | | - | (2)Pursuantto32V.S.A.§5402b(b),theincomedollarequivalentyield |
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| 43 | | - | shallbe$12,172.00. |
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| 44 | | - | (3)Notwithstanding32V.S.A.§5402(a)(1)andanyotherprovisionof |
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| 45 | | - | lawtothecontrary,thenonhomesteadpropertytaxrateshallbe$1.703per |
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| 46 | | - | $100.00ofequalizededucationpropertyvalue. |
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| 47 | | - | Sec.2.32V.S.A.§ 6061isamendedtoread: |
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| 48 | | - | § 6061.DEFINITIONS |
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| 49 | | - | Asusedinthischapterunlessthecontextrequiresotherwise: |
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| 50 | | - | *** |
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| 51 | | - | (17)“Equalizedvalueofthehousesiteinthetaxableyear”meansthe |
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| 52 | | - | valueofthehousesiteonthegrandlistforApril1ofthetaxableyear,divided |
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| 53 | | - | bythenumberresultingfromdividingthemunicipality’scommonlevelof |
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| 54 | | - | appraisaldeterminedbyequalizationofthegrandlistforApril1oftheyear |
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| 55 | | - | precedingthetaxableyearbythestatewideadjustmentofthetaxableyearas |
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| 56 | | - | definedinsubdivision5401(17)ofthistitle. |
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| 57 | | - | *** |
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| 58 | | - | Sec.3.EFFECTIVEDATE |
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| 59 | | - | ThisactshalltakeeffectonJuly1,2025. |
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| 28 | + | VT LEG #381493 v.3 |
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| 29 | + | (2) Pursuant to 32 V.S.A. § 5402b(b), the income dollar equivalent yield 1 |
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| 30 | + | shall be $12,172.00. 2 |
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| 31 | + | (3) Notwithstanding 32 V.S.A. § 5402(a)(1) and any other provision of 3 |
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| 32 | + | law to the contrary, the nonhomestead property tax rate shall be $1.703 per 4 |
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| 33 | + | $100.00 of equalized education property value. 5 |
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| 34 | + | Sec. 2. 32 V.S.A. § 6061 is amended to read: 6 |
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| 35 | + | § 6061. DEFINITIONS 7 |
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| 36 | + | As used in this chapter unless the context requires otherwise: 8 |
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| 37 | + | * * * 9 |
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| 38 | + | (17) “Equalized value of the housesite in the taxable year” means the 10 |
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| 39 | + | value of the housesite on the grand list for April 1 of the taxable year, divided 11 |
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| 40 | + | by the number resulting from dividing the municipality’s common level of 12 |
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| 41 | + | appraisal determined by equalization of the grand list for April 1 of the year 13 |
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| 42 | + | preceding the taxable year by the statewide adjustment of the taxable year as 14 |
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| 43 | + | defined in subdivision 5401(17) of this title. 15 |
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| 44 | + | * * * 16 |
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| 45 | + | Sec. 3. EFFECTIVE DATE 17 |
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| 46 | + | This act shall take effect on July 1, 2025. 18 |
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