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BILL AS PASSED BY HOUSE 2007-2008

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H.88

AN ACT RELATING TO EDUCATION PROPERTY TAX RATE ADJUSTMENTS

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

Sec. 1.  FISCAL YEAR 2008 REDUCTION OF EDUCATION PROPERTY

             TAX RATES AND APPLICABLE PERCENTAGE

(a)  For fiscal year 2008 only, the education property tax imposed under subsection 5402(a) of Title 32 shall be reduced from the rate of $1.59 and $1.10 and shall instead be at the following rates:

(1)  the tax rate for nonresidential property shall be $1.38 per $100.00; and

(2)  the tax rate for homestead property shall be $0.89 multiplied by the district spending adjustment for the municipality, per $100.00;

of equalized education property value as most recently determined under section 5405 of Title 32.

(b)  For claims filed for fiscal year 2008 only, “applicable percentage” in subdivision 6066(a)(2) of Title 32 shall be reduced from 2.0 percent and instead shall be 1.80 percent multiplied by the fiscal year 2008 district spending adjustment for the municipality in which the homestead residence is located; but in no event shall the applicable percentage be less than 1.80 percent.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us