Vermont H0177 proposes to transition from an education property tax to an education income tax in fiscal year 2027.

Vermont H0177 proposes to transition from an education property tax to an education income tax in fiscal year 2027. This bill would create an education tax based on the income of all Vermont residents. It would eliminate the homestead education property tax and levy the nonhomestead education property tax on all property except residential dwellings and the two-acre parcel surrounding the dwellings. The bill also proposes to update the property tax credit income sensitivity measures to provide relief to a broader class of Vermont taxpayers.

Vermont H0177 proposes to transition from an education property tax to an education income tax in fiscal year 2027.

Vermont H0177 proposes to transition from an education property tax to an education income tax in fiscal year 2027. This bill would create an education tax based on the income of all Vermont residents. It would eliminate the homestead education property tax and levy the nonhomestead education property tax on all property except residential dwellings and the two-acre parcel surrounding the dwellings. The bill also proposes to update the property tax credit income sensitivity measures to provide relief to a broader class of Vermont taxpayers.