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Homestead exemption redesign would add roughly $45 million and raise distribution questions, tax staff say
Summary
Legislative and tax staff told the House Ways & Means committee that a draft to redesign Vermont’s homestead property tax relief would add roughly $45 million in cost unless lawmakers add a cap on exempted house‑site value or make other adjustments.
A draft to redesign Vermont’s homestead property tax relief would expand exemption tiers and smooth some current cutoffs but would cost an estimated additional $45 million unless lawmakers reintroduce limits on exempted house‑site value, legislative and tax staff told the House Ways & Means committee.
Jake, a tax department presenter, told the committee, “it looks like it's gonna cost around an additional 45,000,000,” and said the increase was mainly driven by the draft’s lack of limits on house‑site value exempted under the new framework.
Witnesses said the administration’s updated proposal improves on earlier versions by adding more exemption levels and smaller “step” reductions that…
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