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BILL AS INTRODUCED 2007-2008

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S.326

Introduced by Senator McCormack of Windsor District

Referred to Committee on

Date:

Subject:  Taxation; education property tax; property tax adjustment; penalties and interest

Statement of purpose:  This bill proposes to require that interest on an excess adjustment amount begin only upon the first property tax due date.

AN ACT RELATING TO PROPERTY TAX ADJUSTMENT INTEREST BEGINNING WITH PROPERTY TAX DUE DATE

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

Sec. 1. 32 V.S.A. § 6075 is added to read:

§ 6075.  INTEREST ON ERRONEOUS PROPERTY TAX ADJUSTMENT

               AMOUNT

     Interest applicable to an insufficient or excessive property tax adjustment amount under this chapter shall be calculated beginning with the first property tax due date in the municipality in which the housesite is located.

Sec. 2.  32 V.S.A. § 6071(b) is amended to read:

(b)  In any case in which it is determined that a claim is or was excessive, the commissioner may impose a ten percent penalty on such excess and if the claim has been paid or credited against property tax or income tax otherwise payable, the credit shall be reduced or canceled, and the proper portion of any amount paid shall be similarly recovered by assessment as income taxes are assessed and such assessment shall bear interest at the rate per annum established from time to time by the commissioner pursuant to section 3108 of this title from the date of payment first property tax due date in the municipality in which the housesite is located, until refunded or paid.

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