Vermont S0315 proposes a phased homestead property tax exemption for long-term residents aged 65 and older.

Vermont S0315 amends the homestead property tax exemption to benefit long-term residents who are 65 years of age or older. The exemption phases in over four years, with the tax rate decreasing each year: 75% in fiscal year 2027, 50% in fiscal year 2028, and 25% in fiscal year 2029. The exemption fully takes effect starting fiscal year 2030. This bill applies to those who have been domiciled in Vermont for at least 10 consecutive years.

Vermont S0315 proposes a phased homestead property tax exemption for long-term residents aged 65 and older.

Vermont S0315 amends the homestead property tax exemption to benefit long-term residents who are 65 years of age or older. The exemption phases in over four years, with the tax rate decreasing each year: 75% in fiscal year 2027, 50% in fiscal year 2028, and 25% in fiscal year 2029. The exemption fully takes effect starting fiscal year 2030. This bill applies to those who have been domiciled in Vermont for at least 10 consecutive years.