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H.559

Introduced by   Representative O’Donnell of Vernon

Referred to Committee on

Date:

Subject:  Taxation; property tax; homestead exemption for elderly

Statement of purpose:  This bill proposes to provide a homestead exemption for elderly, low income owners.

AN ACT RELATING TO LOW INCOME ELDERLY HOMESTEAD EXEMPTION

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

Sec. 1.  32 V.S.A. § 3802(17) is added to read:

(17)  The first $200,000.00 of appraisal value of a residence which, as of April 1 preceding the property tax assessment, is the homestead, declared under section 5410 of this title, of a person or persons who are at least 70 years of age and who have lived in Vermont for at least ten years, and who in the preceding taxable year had an adjusted gross income of less than $20,000.00 filing single or less than $40,000.00 married filing joint, and which residence is not owned by any other person.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us