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Finance committee debates move to income-based property tax, weighs deferral option
Summary
Members of the Finance Committee discussed proposals to shift property taxation toward an income-based model, the governor’s exemption proposals and tax-deferral programs, raising concerns about impacts on low-income homeowners in high-value homes and on education funding.
On Feb. 3 the Finance Committee discussed proposals to move Vermont toward an income-based property tax or surcharge and explored tax-deferral alternatives, with members warning some lower-income homeowners in higher-value houses could face higher bills while education funding mechanics remain unresolved.
Committee members said the proposals under review included a fully income-based approach and a governor’s proposal that would lower taxes for lower-income and lower-value homes while raising taxes on higher-value properties. "We just heard a couple of presentations... we heard the proposal that we go to purely income based," said Speaker 1, Committee member, summarizing the presentations the committee had received.
The committee’s discussion focused on trade-offs: shifting the tax base from property value toward income could target wealth more directly but could also function…
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