Vermont law requires you to use information from the previous year when reporting your homestead's value and household income. For a newly constructed home, you may report the value of up to two acres of land recorded on the grand list as of the previous year and the value of any site improvements or structures recorded on the grand list as of the previous year.
Filing Your Return
New homestead construction that was built after April 1, and is owned and occupied as a principal residence on April 1, must file Form HS-122, Homestead Declaration. Eligible homeowners may make a Property Tax Credit claim. The claim will be based on the value as of April 1 of the previous calendar year.
Business or Rental Use of Improvements and Other Buildings
Examples:
-
garage is used to do auto repair
-
buildings used for farming
-
there is a second dwelling on the property rented out
-
a building used for retail or wholesale business