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2010 PROPERTY TAX ADJUSTMENT

August 17, 2012
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In June 2010 the Vermont Legislature passed the 2010 Property Tax Adjustments. The Vermont Department of Taxes sent out notices to those affected on or around July 1st.  
The following changes are effective for the 2010 property tax adjustment and thereafter. One or more of these changes may apply to you and may result in a reduction of your property tax adjustment:
 
Acreage
The additional payment of $10 per acre, up to 5 acres, is eliminated.

 
Asset Adjustment
For households with combined interest and dividend that exceeds $10,000, the excess amount over $10,000 will be counted twice.
 
Example:
 Interest and dividend income of Homeowner is $8,000; Spouse $4,000; Other persons $2,000. The combined interest and dividend is $14,000. The $4,000 over the $10,000 is added to the total adjusted Household Income an asset adjustment for a total of $18,000.
 
Housesite Value Limits
Homeowners with Household income less than $90,000 will be eligible for adjustment of education property tax on the first $500,000 of equalized housesite value. Equalized value is the assessed value on your property tax bill divided by your town's common level of appraisal (CLA). The CLA represents how close the town adjustment is to the fair market value. The higher the CLA, the less change there will be to the value shown on your property tax bill.
 
Example: 
Property tax bill Housesite Value: $450,000  
CLA: 75%
$450,000 / .75 = $600,000 equalized Housesite Value
 
 
NOTE: Homeowner with Household Income of $90,000 or more will continue to be limited to adjustment of education property tax on the first $200,000 of equalized Housesite Value.