Act No. 60

(H.12)

Taxation; education property tax rate; base education payment amount

Sec. 1(a) of this act sets the base education property tax rate for fiscal year 2010 only at $1.35 per $100.00 valuation for nonresidential property and $0.86 multiplied by the district spending adjustment for the municipality per $100.00 of equalized homestead property value.

Sec. 1(b) reduces the income sensitivity applicable percentage in 32 V.S.A. § 6066 from 2.0 percent at 1.80 percent. This percentage multiplied by the district spending adjustment for the municipality is used to determine the maximum education property tax for income-sensitized households.

Sec. 2 freezes the base education payment amount for fiscal years 2010 and 2011 at $8,544.00 per equalized pupil.

Sec. 3 increases the general fund transfer to the education fund by $1.5 million.

Sec. 4 repeals parts of the 2010 budget bill that (1) set a cap for fiscal year 2010 of $5,000.00 of fair market value for land enrolled in the current use program and (2) require stakeholders in the current use program to develop a plan to save $1.5 million in the current use program in fiscal year 2011.

Date Signed by the Governor: June 2, 2009

Effective Date: Upon final enactment of and delivery to the secretary of state of a state budget act for fiscal year 2010. Delivery to the secretary of state of H.441 (Special Session Act No. 1) occurred on June 4, 2009.