The Board of Aldermen is reducing a reserve fund in order to achieve a tax cut of $6 on a $150,000 home. City Treasurer Wendy Wilton says the move poses some risks.
The City Council has approved a one-year extension of the University of Vermont’s payment in lieu of taxes at its current level of $1.3 million.
“I am concerned this sets up an increase in taxes next year, but that ship has sailed,” said Rep. Cynthia Browning, D-Arlington.
“Compromise is successful when nobody gets everything they want, and nobody walks away with their last choice option,” said the House speaker. Lawmakers passed budget and tax bills and wrapped up.
The House clerk said the budget and property tax bill vetoes needed to come in separate letters. Scott’s spokesperson called the rejection “hyper-political.” The clerk’s office later accepted resubmitted versions.
The bill addresses fantasy sports and home escrow accounts. Also, the secretary of state’s office would look at how to regulate the home improvement industry to root out fraud.
The Senate Finance Committee voted out a bill with higher property tax rates than the version the House passed.
Under the current formula, low spending districts are subsidizing higher spending towns.
It’s not yet clear if the numbers in the governor’s bold plan for education spending add up, but they do count for something.
Geographically, 44 percent of property in Burlington is owned by entities that don’t pay property tax, according to city budgets and its grand list. Many make voluntary payments in lieu of taxes, which the mayor is trying to boost.
With wolves at the door in the bellwether state of Vermont, it’s time to get creative.
The idea of the Homevoter Hypothesis is that homeowners have a stronger incentive to get involved in local politics than others (e.g., renters) because local policies have a powerful effect on the value of their largest asset, their homes.
The House prevailed on the rate, and the Senate held firm on lowering excess spending thresholds from 121 percent of the state average per pupil spending in 2014 to 119 percent in fiscal year 2020.
Taxes went up under the Senate bill because lawmakers decided not to apply the entire Education Fund surplus to the tax rate this year.