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Vermont residents who own & occupy a VT dwelling as a principal residence must file a Declaration of Vermont Homestead,
Form HS-122, by April 15 of each year. There are no extensions.
The Education Funding law, Act 68, passed in 2003 and revised by Act 185 in 2006 requires VT homeowners to file this declaration (Form HS-122, Part 1).
Homes and commercial properties have different education property tax rates. Filing the declaration
identifies your property as a homestead and designates the property to be taxed at the homestead rate, which in most
towns is lower than the commercial rate.
Please note that this declaration is required even if you do not file a VT income tax
return or do not participate in the property tax payment ("prebate") or rebate programs.
If you are late, you must still file a declaration and you will have to pay a 1% penalty. If you file your declaration after
Sept. 1, you will be taxed at the commercial rate for that year and you will not be eligible to receive a property tax
payment ("prebate") from the state for that year.
In 2007, property tax payments will go directly to your town to be used as a credit on your 2007-2008 property tax bill. Checks will no longer
be sent to taxpayers. In order to receive a credit you must file Form HS-122, Part 2 by Sept 1. If you file this form after April 15,
you will be charged a $15 late fee.
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