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Vermont Statutes Title 32. Taxation and Finance, § 6066a. Determination of property tax credits

Current as of January 01, 2024 | Updated by Findlaw Staff

<Text of section as amended by 2019, No. 51, § 32, eff. July 1, 2019. See, also, text of section as amended by 2019, No. 51, § 28, eff. July 1, 2019.>

(a) Annually, the Commissioner shall determine the property tax credit amount under section 6066 of this title, related to a homestead owned by the claimant, based on the prior taxable year's income and crediting property taxes paid in the prior year. The Commissioner shall notify the municipality in which the housesite is located of the amount of the property tax credit for the claimant for homestead property tax liabilities, on July 1 for timely filed claims and on November 1 for late claims filed by October 15. The tax credit of a claimant who was assessed property tax by a town which revised the dates of its fiscal year, however, is the excess of the property tax which was assessed in the last 12 months of the revised fiscal year, over the adjusted property tax of the claimant for the revised fiscal year as determined under section 6066 of this title, related to a homestead owned by the claimant.

(b) The Commissioner shall include in the total property tax adjustment amount determined under subsection (a) of this section, for credit to the taxpayer for homestead property tax liabilities, any income tax overpayment remaining after allocation under section 3112 of this title and setoff under section 5934 of this title, which the taxpayer has directed to be used for payment of property taxes.

(c) The Commissioner shall notify the municipality of any claim and refund amounts unresolved by November 1 at the time of final resolution, including adjudication if any; provided, however, that towns will not be notified of any additional adjustment amounts after November 1 of the claim year, and such amounts shall be paid to the claimant by the Commissioner.

(d) For late claims filed after April 15, the property tax adjustment amount shall be reduced by $15.00.

(e) At the time of notice to the municipality, the Commissioner shall notify the taxpayer of the property tax adjustment amount determined under subdivision 6066(a)(1) of this title; the amount determined under subdivision 6066(a)(3) of this title; any additional adjustment amounts due the homestead owner under section 6066 of this title; the amount of income tax refund, if any, allocated to payment of homestead property tax liabilities; and any late-claim reduction amount.

<Text of subdiv. (f)(1) as amended by 2019, No. 14, § 81, eff. April 30, 2019. See, also, text of subdiv. (f)(1) as amended by 2017, Adj. Sess., Sp. Sess., No 11, § H.15, eff. July 1, 2019.>

(f)(1) For taxpayers and amounts stated in the notice to towns on July 1, municipalities shall create and send to taxpayers a homestead property tax bill, instead of the bill required under subdivision 5402(b)(1) of this title, providing the total amount allocated to payment of homestead education property tax liabilities and notice of the balance due. Nothing in this subdivision, however, shall be interpreted as altering the requirement under subdivision 5402(b)(1) of this title that the statewide education homestead tax be billed in a manner that is stated clearly and separately from any other tax. Municipalities shall apply the amount allocated under this chapter to current-year property taxes in equal amounts to each of the taxpayers' property tax installments that include education taxes. Notwithstanding section 4772 of this title, if a town issues a corrected bill as a result of the November 1 notice sent by the Commissioner under subsection (a) of this section, issuance of the corrected new bill does not extend the time for payment of the original bill, nor relieve the taxpayer of any interest or penalties associated with the original bill. If the corrected bill is less than the original bill, and there are also no unpaid current-year taxes, interest, or penalties and no past-year delinquent taxes or penalties and interest charges, any overpayment shall be reflected on the corrected tax bill and refunded to the taxpayer.

<Text of subdiv. (f)(1) as amended by 2017, Adj. Sess., Sp. Sess., No 11, § H.15, eff. July 1, 2019. See, also, text of subdiv. (f)(1) as amended by 2019, No. 14, § 81, eff. April 30, 2019.>

(1) For taxpayers and amounts stated in the notice to towns on July 1, municipalities shall create and send to taxpayers a homestead property tax bill, instead of the bill required under subdivision 5402(b)(1) of this title, providing the total amount allocated to payment of homestead education property tax liabilities and notice of the balance due. Nothing in this subdivision, however, shall be interpreted as altering the requirement under subdivision 5402(b)(1) of this title that the statewide education homestead tax be billed in a manner that is stated clearly and separately from any other tax. Municipalities shall apply the amount allocated under this chapter to current-year property taxes in equal amounts to each of the taxpayers' property tax installments that include education taxes. Notwithstanding section 4772 of this title, if a town issues a corrected bill as a result of the November 1 notice sent by the Commissioner under subsection (a) of this section, issuance of the corrected new bill does not extend the time for payment of the original bill, nor relieve the taxpayer of any interest or penalties associated with the original bill. If the corrected bill is less than the original bill, and there are also no unpaid current-year taxes, interest, or penalties and no past-year delinquent taxes or penalties and interest charges, any overpayment shall be reflected on the corrected tax bill and refunded to the taxpayer.

(2) For property tax adjustment amounts for which municipalities receive notice after November 1, municipalities shall issue a new homestead property tax bill with notice to the taxpayer of the total amount allocated to payment of homestead property tax liabilities and notice of the balance due.

(3) The property tax adjustment amount determined for the taxpayer shall be allocated first to current-year property tax on the homestead parcel, next to current-year homestead parcel penalties and interest, next to any prior year homestead parcel penalties and interest, and last to any prior year property tax on the homestead parcel. No adjustment shall be allocated to a property tax liability for any year after the year for which the claim or refund allocation was filed. No municipal tax-reduction incentive for early payment of taxes shall apply to any amount allocated to the property tax bill under this chapter.

(4) If the property tax adjustment amount as described in subsection (e) of this section exceeds the property tax, penalties, and interest, due for the current and all prior years, the municipality shall refund the excess to the taxpayer, without interest, within 20 days of the first date upon which taxes become due and payable or 20 days after notification of the adjustment amount by the Commissioner of Taxes, whichever is later.

(g) Annually, on August 1 and on November 1, the Commissioner of Taxes shall pay to each municipality the amount of property tax adjustment of which the municipality was notified on July 1 for the August 1 transfer, or November 1 for the November 1 transfer, related to municipal property tax on homesteads within that municipality, as determined by the Commissioner of Taxes.

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Cite this article: FindLaw.com - Vermont Statutes Title 32. Taxation and Finance, § 6066a. Determination of property tax credits - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-32-taxation-and-finance/vt-st-tit-32-sect-6066a/

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