Ways & Means reviews Act 73 homestead exemption, JFO flags $35 million FY25 cost estimate Joint Fiscal Office staff told the Ways & Means committee that Act 73 would replace the current property tax credit with a tiered homestead exemption (indexed to inflation, capped at $425,000), and that JFO modeling using FY2025 data estimated roughly $35 million more net cost in FY2025 compared with current law.

Act 73 is shaking up Vermont's property tax landscape, replacing the old credit with a new income-sensitive homestead exemption that could cost an additional $35 million next year!

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#VT #VermontHomestead #IncomeSensitivity #TaxReform #FiscalTransparency #CitizenPortal

Act 73 would replace local homestead rates with a statewide education tax and create a homestead exemption Committee staff explained that Act 73 replaces locally varying homestead rates with a single statewide education tax (adjustable by statutory multipliers), establishes a supplemental district spending levy with equalization and recapture, and repeals the property tax credit in favor of an income‑sensitive homestead exemption (benefit phases and income cutoff noted).

Act 73 is shaking up Vermont's property tax landscape by replacing local homestead rates with a single statewide education tax and introducing an income-sensitive homestead exemption.

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#VT #VermontEducation #IncomeSensitivity #EducationFunding #PropertyTaxReform #CitizenPortal

Fairfield decreases property tax while Saint Albans faces tax increases Fairfield homeowners benefit from tax decrease while Saint Albans experiences increased property tax bills.

Big changes are coming to property tax bills in the Maple Run Unified School District, with Fairfield homeowners seeing a decrease while Saint Albans faces increases!

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#VT #PropertyTaxReform #CommunityGovernance #VermontSchools #IncomeSensitivity #CitizenPortal

Vermont resident advocates for property tax reform to support seniors and low-income families Residents push for income-sensitive property taxes amid rising costs for seniors in Vermont.

Vermonters are sounding the alarm on rising property taxes that are crushing low-income families and seniors—will lawmakers take action before it's too late?

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#VT #HousingAffordability #TaxReform #VermontResidents #IncomeSensitivity #CitizenPortal