Print

Print


Veteran's exemption, vote to increase
Just a minor detail.  The exemption reduces the assessment which, of course, lowers the total tax due.  I had one veteran who thought the $10,000 came off the tax bill so now I am careful to explain the exact situation!  Nora
----- Original Message -----
From: [log in to unmask] href="mailto:[log in to unmask]">Grace, Mary Jane
To: [log in to unmask] href="mailto:[log in to unmask]">[log in to unmask]
Sent: Tuesday, December 12, 2006 12:40 PM
Subject: Veteran's exemption, vote to increase


I've had a few questions on the change in the veteran's exemption amount.  Qualifying veterans’ or survivors receive a $10,000 property tax exemption.  32 V.S.A. §3802(11). With the passage of Act 207 (see section 25 of that act), that amount can now be increased by a local vote to a maximum of $40,000.  The previous limit was $20,000.  As with other local agreements, the loss in school tax revenue that results from such a vote will need to be realized through the local agreement rate.  32 V.S.A. §5404a(d). 

You can find Act 207 at:

http://www.leg.state.vt.us/docs/legdoc.cfm?URL=/docs/2006/acts/ACT207.HTM

Let me know if there are questions.

Mary Jane Grace
Property Valuation and Review Division
Vermont Dept. of Taxes
802-828-5863