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H.484

Introduced by   Representative Masland of Thetford

Referred to Committee on

Date:

Subject:  Taxation; property tax; income sensitivity; qualification

Statement of purpose:  This bill proposes to increase the limit on housesite value qualified for income sensitivity.

AN ACT RELATING TO INCREASED HOUSESITE LIMIT FOR INCOME SENSITIVITY

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

Sec. 1.  32 V.S.A. § 6066(a)(1)(A) 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 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 $200,000.00.

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