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BILL AS INTRODUCED 2007-2008

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H.554

Introduced by   Representative Klein of East Montpelier

Referred to Committee on

Date:

Subject:  Taxation; education property tax; property tax adjustment; new construction

Statement of purpose:  This bill proposes to allow property tax adjustment claims on newly constructed homesteads.

AN ACT RELATING TO PROPERTY TAX ADJUSTMENT FOR NEWLY CONSTRUCTED HOMESTEADS

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

Sec. 1.  32 V.S.A. § 6066(i) is added to read:

     (i)  If the claimant's homestead is newly constructed and was not on the grand list for April 1 of the taxable year, then the value of the housesite for purposes of the computation of adjustment under this section shall be the value of the housesite on the grand list for April 1 of the calendar year in which the claim is filed.

Sec. 2.  EFFECTIVE DATE AND RETROACTIVE CLAIMS

This act shall take effect retroactively as of January 1, 2007, and the due date for new and amended claims related to a homestead on the 2007 grand list but not on the 2006 grand list shall be July 1, 2008; and the commissioner of taxes shall pay to any affected claimants their 2007 property tax adjustment amount, without interest.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us