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H.336

Introduced by   Representative Chen of Mendon

Referred to Committee on

Date:

Subject:  Taxation; property tax; income sensitivity; qualification

Statement of purpose:  This bill proposes to maintain the dollar limits on income sensitivity qualification, as modified by the rate of inflation of the Consumer Price Index since 1997.

AN ACT RELATING TO MAINTAINING CURRENT-VALUE LIMITS ON INCOME SENSITIVITY

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  32 V.S.A. § 6066(a)(1) is amended to read:

§ 6066.  COMPUTATION OF ADJUSTMENT

(a)  An eligible claimant who owned the homestead on April 1 of the year in which the claim is filed shall be entitled to an adjustment amount determined as follows:

(1)(A)  For a claimant with household income of $75,000.00 $90,000.00 or more:

(i)  the statewide education tax rate as adjusted under subdivision 5402(a)(2) of this title, multiplied by the equalized value of the housesite;

(ii)  minus (if less) the sum of:

(I)  the applicable percentage of household income for the taxable year, plus

(II)  the statewide education tax rate as adjusted under subdivision 5402(a)(2) of this title, multiplied by the equalized value of the housesite in the taxable year in excess of $160,000.00 $193,000.00.

(B)  For a claimant with household income of less than $75,000.00  $90,000.00 but more than $47,000.00, the statewide education tax rate as adjusted under subdivision 5402(a)(2) this title, multiplied by the equalized value of the housesite, minus the applicable percentage of household income for the taxable year.

(C)  For a claimant whose household income does not exceed $47,000.00, the statewide education tax rate as adjusted under subdivision 5402(a)(2) of this title, multiplied by the equalized value of the housesite minus the lesser of:

(i)  the applicable percentage of household income for the taxable year; or

(ii)  the statewide education tax rate under subdivision 5402(a)(2) of this title, multiplied by the equalized value of the housesite in the taxable year reduced by $15,000.00.

(D)  A claimant whose household income does not exceed $75,000.00  $90,000.00 shall also be entitled to an additional adjustment amount under this section of $10.00 per acre, up to a maximum of five acres, for each additional acre of homestead property in excess of the two-acre housesite.  The adjustment amount under this section shall be shown separately on the notice of property tax adjustment to the claimant.

Sec. 2.  EFFECTIVE DATE

This act shall apply to claims related to property taxes assessed in 2006 or after.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us