Homestead Declarations and
Property Tax Adjustments

2007 New Construction   If the dwelling you declare as your
homestead on April 1, 2008 was newly constructed in 2007, use the 2007 property taxes on up to 2 acres of the parcel and any portion of the dwelling that had been constructed on April 1, 2007.

Buying after April 1, 2007 If the property was declared as a
homestead for April 1, 2007, use the property tax bill issued to the previous owner.
If the property was not declared as a homestead for April 1, 2007 but you can declare it as your homestead on April 1, 2008, request the town lister to provide the April 1, 2007 housesite value and 2007 property taxes for the property as if it were a homestead on April 1, 2007.

Buying before April 1, 2008 If you buy the property that you will use
as your principal residence, you are responsible for filing a 2008 VT
Homestead Declaration on this property by the due date.

Selling the Property Before April 1, 2008 If you filed Form HS-122,
but sell the property on or before April 1, 2008, you are responsible for withdrawing the declaration and property tax adjustment claim. You will be responsible for repayment of a property tax adjustment if issued. Use Form HS-122W available at http://tax.vermont.gov or by calling (802) 828- 2515.
NOTE: If you own and occupy a new VT homestead by April 1,
2008, you need to file the HS-122 for this property.

Selling the Property After April 1, 2008 If you filed the HS-122, but
sold the property after April 1, 2008, the property tax adjustment remains with the property sold. The property tax adjustment is your payment on the 2008 property taxes and needs to be considered at the closing when prorating the property taxes.

Renting at the End of the Year If you owned a VT homestead in 2007, sold the homestead before April 1, 2007, and rented on December 31, 2007, you may be eligible for a renter rebate for rent paid in 2007.
NOTE: This is the only situation where a renter rebate claim can be made for less than 12 months.