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The Big Reveal: Vt. residents brace for property tax bills

wcax.com 2024/10/5
File photo
File photo

MONTPELIER, Vt. (WCAX) - Property tax bills will be arriving in the mail soon for Vermonters and many are likely to suffer from sticker shock. After months of debate over soaring school budgets the yield bill, the average Vermonter will see a 14-percent increase in their bill. But what you will actually pay depends on where you live.

It’s almost tax time in Killington. Bills go out next week and Selectboard Chair Jim Haff says residents will be hit with a double whammy -- high per-pupil spending and a sharp decrease in the common level of apprasial as property values have skyrocketed. It all means taxes are going up 24 percent.

“When these bills go out next week, I think we’re going to see throughout the state a lot of screaming, a lot of shock, a lot of questioning,” Haff said.

While the average school property tax rate is going up about 14 percent, new data published this week from the Department of Taxes details how much your tax rate will rise depending on where you live.

“Final rates are impacted by the towns’ local education spending decisions, how much the district’s tax capacity was impacted by Act 127, and it also takes into account how closely local property taxes track with fair market value,” said Vt. Deputy Tax Commissioner Rebecca Sameroff.

Higher tax bills have some residents looking for where they can cut their personal budgets. Lori Jones from Morrisville says while she hasn’t faced a rent increase for a while, she’s worried about the impact on her father. “He only gets a certain amount and his rent went up $100. So, trying to figure out how to help pay his rent, pay for food, and medications,” she said.

Back in Killington, Haff compares the state’s education system and its multitude of districts to a company and says something needs to change. “A $1.8 billion business has 50 CFOs and departments and 50 CEOs and departments. There’s no $2 billion company with that money. The state of Vermont has a lot of thinking to do,” he said.

The state has a tax credit for low-income homeowners and a separate renter credit when you file your income taxes in the spring.

Meanwhile, state lawmakers will soon convene the first meeting of the Commission on the Future of Public Education, where stakeholders will try to search for ways to make the cost of school spending sustainable while achieving the same or better academic outcomes.

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