Bill > S0315

This bill proposes to create a new homestead property tax exemption for long-term residents of Vermont who are 65 years of age or older, meaning their primary residence will be exempt from certain property taxes. To qualify, individuals must be at least 65 years old by December 31st of the taxable year and have lived in Vermont for at least 10 consecutive years. The exemption will be phased in over four years, starting with fiscal year 2027. For fiscal years 2027 through 2029, eligible residents will pay a reduced portion of their education property tax: 75% in fiscal year 2027, 50% in fiscal year 2028, and 25% in fiscal year 2029. Beginning in fiscal year 2030, these eligible residents will be fully exempt from the homestead education property tax. The bill will take effect on July 1, 2026.

Budget and Finance

https://legislature.vermont.gov/bill/status/2026/S.315