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H.378

Introduced by   Representatives Nitka of Ludlow, Johnson of South Hero, McLaughlin of Royalton, Pillsbury of Brattleboro and Shand of Weathersfield

Referred to Committee on

Date:

Subject:  Taxation; education property tax; elderly exemption; lien on estate

Statement of purpose:  This bill proposes to defer property taxes for elderly residents and require later payment upon sale or transfer.

AN ACT RELATING TO PROPERTY TAX DEFERRAL FOR ELDERLY RESIDENTS

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

Sec. 1.  32 V.S.A. § 6066b is added to read:

§ 6066b.  Alternative homestead property tax relief for

                 long-term elderly residents

(a)  A claimant qualified under this section may, in lieu of any other benefit under this chapter, be entitled to a deferral of education and municipal property taxes on the homestead.  The qualified claimant shall receive a deferral certificate for presentation to the town clerk, and the town shall accept the certificate as payment of property taxes on the homestead in full.  Deferral shall constitute a lien on the property.  If the property is later transferred by the claimant, all deferred taxes plus accrued interest at the rate imposed by the town on late-paid taxes shall be due and payable.

(b)  A claimant is qualified to elect deferral under this section if he or she is at least 65 years of age as of December 31 of the taxable year; has household income less than $75,000.00; has been domiciled in Vermont and owned a homestead for at least 10 consecutive years; and has never had a property tax delinquency in Vermont.

Sec. 2.  EFFECTIVE DATE

This act shall apply to property taxes assessed in fiscal year 2006 and after.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us