Vermont S0280 proposes a new property tax classification for residential properties used as second homes and short-term rentals, with increased tax.

Vermont S0280 introduces a new property tax classification system for residential properties used as second homes and short-term rentals. The bill establishes a higher tax rate for nonhomestead residential properties, which are taxed like nonhomestead nonresidential properties. Revenue from the increased tax rate will be deposited in a new special fund for school construction. The bill also mandates the Commissioner of Taxes to determine and assign a tax classification for every parcel on the grand list, using information on the use of the property.

Vermont S0280 proposes a new property tax classification for residential properties used as second homes and short-term rentals, with increased tax.

Vermont S0280 introduces a new property tax classification system for residential properties used as second homes and short-term rentals. The bill establishes a higher tax rate for nonhomestead residential properties, which are taxed like nonhomestead nonresidential properties. Revenue from the increased tax rate will be deposited in a new special fund for school construction. The bill also mandates the Commissioner of Taxes to determine and assign a tax classification for every parcel on the grand list, using information on the use of the property.