Tax Department Creates Education Property Tax Estimator Tool
The Vermont Department of Taxes has created an education property tax estimator tool for the 2020-2021 property tax year (FY21). The tool was created to help taxpayers understand the impact of their budget vote on town meeting day and to help school board members and district officials understand the impact of proposed budgets on taxpayers based on their combination of property value and household income. Figures produced by the tool are estimates only and final tax amounts will depend on the “Yield” amount enacted at the end of this legislative session, among other factors.
Taxpayers will need information from their current year property tax bill and an estimate of the per pupil spending amount that is statutorily required to appear on the upcoming ballot as Article 1 under 16 V.S.A. § 563.