Tax relief is on the way for Vermont homeowners under a new bill passed by lawmakers and signed by Gov. Phil Scott this week

Tax relief is on the way for Vermont homeowners under a new bill passed by lawmakers and signed by Gov. Phil Scott this week. On average, property taxes will drop 14 cents on every $100 of assessed property. For Vermonters who pay property taxes based on their income, that rate is dropping from 2.5% to 2.3%. The savings for taxpayers comes as part of a bill divvying up a $90 million surplus in the state’s education fund. Governor Scott wanted $45 million in property rebates– direct checks sent to Vermonters– but lawmakers and the governor eventually came to an agreement on how the money should be spent. They eventually landed on tax relief through a lower tax rate, funding for career technical centers and free school meals. Much of this money is tied to the $8 billion state budget which is currently on the governor’s desk. He said this week he has no problems with the spending plan and will likely sign it. Tax relief for homeowners is just one piece of the tax puzzle in this legislative session. Another major tax bill recently signed into law will give parents with kids under 5 a $1,000 payment annually. The property tax bill also includes money to clean up toxic chemicals in schools– $22 million for the cleanup of PCBs.

Photo credit:

https://www.thecentersquare.com/vermont/scott-signs-bill-providing-tax-relief-education-benefits-for-vermont-military-families/article_5f9ea1da-e115-11ec-a55a-fbd01966289c.html