|BILL AS INTRODUCED||2007-2008|
Introduced by Senator McCormack of Windsor District
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
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:
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
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.
The Vermont General Assembly
115 State Street