|BILL AS INTRODUCED||2007-2008|
Introduced by Committee on Ways and Means
Subject: Education finance; education property tax; FY08 rates
Statement of purpose: This bill proposes to reduce the statewide education property tax rates from the statutory rates of $1.10 homestead and $1.59 nonresidential to new rates, for fiscal year 2008 only, of $0.90 homestead and $1.39 nonresidential; and to reduce the household income base percentage for property tax adjustments from the statutory 2.0 percent to 1.80 percent for fiscal year 2008 only.
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 $1.39 per $100.00; and
(2) the tax rate for homestead property shall be $0.90 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 2007 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.
The Vermont General Assembly
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