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BILL AS INTRODUCED 2007-2008

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H.415

Introduced by Representatives Pearson of Burlington and Kilmartin of Newport City

Referred to Committee on

Date:

Subject:  Taxation; education property tax; homestead declaration; filing deadline

Statement of purpose:  This bill proposes to extend the filing deadline for homestead declarations and property tax adjustment claims from September 1 to October 15.

AN ACT RELATING TO EXTENSION OF FILING DEADLINES FOR HOMESTEAD DECLARATIONS AND PROPERTY TAX ADJUSTMENT CLAIMS

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

Sec. 1.  32 V.S.A. § 5410(h) and (i) are amended to read:

(h)  The filing of a new or corrected declaration or rescission of an erroneous declaration, on or before September 1 October 15 of the property tax year, that is not reflected in the first education fund payment under 16 V.S.A. § 4028 for that fiscal year or in a municipality’s first payment to the education fund under subsection 5402(c) of this title for that fiscal year, shall be reflected in the final net payment to or from the education fund for that fiscal year.  The municipality may retain one-eighth of one percent of the tax collected.  Any reduction in tax paid to a municipality due to a new, revised, or rescinded declaration shall be paid by the municipality to the taxpayer no later than May 15 of the fiscal year.  No later than June 1, each municipality shall provide to the state treasurer a list of taxpayers who filed late or corrected declarations or rescinded declarations, the amount of the change in education tax, and the amount of any interest and penalty billed the taxpayer.

(i)  An owner filing a new or corrected declaration, or rescinding an erroneous declaration, after September 1 October 15 shall not be entitled to a refund resulting from the correct property classification; and any additional property tax and interest which would result from the correct classification shall not be assessed as tax and interest, but shall instead constitute an additional penalty, to be assessed and collected in the same manner as penalties under subsection (g) of this section.  Any change in property classification under this subsection shall not be entered on the grand list.

Sec. 2.  32 V.S.A. § 6068(b) and (c) are amended to read:

(b)  Late-filing penalties.  If the claimant fails to file a timely claim, the amount of the property tax adjustment under this chapter shall be reduced by $15.00, but not below $0.00, which shall be paid to the municipality for the cost of issuing an adjusted homestead property tax bill.  No benefit shall be allowed in the calendar year unless the claim is filed with the commissioner on or before September 1 October 15.

(c)  No request for allocation of an income tax refund may be made after September 1 October 15.

Sec. 3.  EFFECTIVE DATE

This act shall apply to property tax adjustment claims filed in 2008 and after.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us