Property Tax Credit

Overview

The Vermont Property Tax Credit assists many Vermont homeowners with paying their property taxes. You may be eligible for a property tax credit on your property taxes if your property qualifies as a homestead and you meet the eligibility requirements. The maximum property tax credit is $8,000.00

Eligibility

In order to file a property tax credit, you must meet ALL of the following eligibility requirements:

  • Your property qualifies as a homestead, and you have filed a Homestead Declaration for the current year's grand list.
  • You were domiciled in Vermont for the full prior calendar year.
  • You were not claimed as a dependent of another taxpayer.
  • You have the property as your homestead as of April 1.
  • You meet the household income criteria (see form for current year income limit).

How to File

You need to file the following two forms to apply for a property tax credit. You can submit your claim electronically when you file your Vermont Income Tax return.

  • Form HS-122, Homestead Declaration and Property Tax Credit Claim
  • Section A: Homestead Declaration
  • Section B: Property Tax Credit Claim
  • Schedule HI-144, Household Income. Learn how to determine household income.
Tax Year Maximum Household Income
2019 $138,250
2018 $136,500
2017 $147,500
2016 $141,000
2015 $137,500

The Homestead Declaration and Property Tax Credit Claim can be filed at separate times but must be received by the unextended personal income tax April filing due date, to be considered timely. There are no extensions available to file a Homestead Declaration and Property Tax Credit.

Calculate your Propety Tax Credit

The Department provides an excel calculator so taxpayers and preparers can find out how much Property Tax Credit the taxpayer will receive in the coming property tax year.

2020 Property Tax Credit Calculator (xlsx)

Amend a Claim

You are allowed to amend or change household income only as reported on Schedule HI-144, Household Income, within three years of the October filing deadline. You may not make any amendments or changes to Form HS-122, Homestead Declaration and Property Tax Credit Claim. Use Schedule HI-144, Household Income, for the applicable year to amend household income. Enter the correct household income and mark AMENDED on the HI-144. Send the amended HI-144 separately from any other returns being filed with the Department.

Mail your return to:

Vermont Department of Taxes
P.O. Box 1645
Montpelier, VT 05601-1645

Forms and Publications

No. Instructions Title
Calculator   2020 Property Tax Credit Calculator (xlsx)
HS-122, HI-144 Instructions Homestead Declaration AND Property Tax Credit Claim
HS-122W   Vermont Homestead Declaration and/or Property Tax Credit Withdrawal
Income Tax Return Booklet  

2019 Vermont Income Tax Return Booklet

This booklet includes forms and instructions for: IN-111, IN-112, IN-113, IN-116, HS-122, PR-141, HI-144

Publications
No.   Title
FS-1057   Vermont Schedule HI-144: Determining Household Income
FS-1038   The Vermont Property Tax Credit
FS-1069   Vermont Tax Information for Owners of Housing Subject to a Housing Covenant
GB-1265   myVTax Guide: How to File a Homestead Declaration or Homestead Declaration & Property Tax Credit Claim
View   Tax Bills and Confidentiality of Property Tax Credit Information

Filing Deadlines

Claims for a Property Tax Credit are due by the April filing deadline.* Those who file after April filing deadline must pay a $15 late filing fee, which will be deducted from the Property Tax Credit. Claims filed after Oct. 15 or incomplete claims will not be accepted.

*Please note: The April 15, 2020 due date has been extended to July 15, 2020. A late filing fee will not be deducted for claims submitted between April 16, 2020 and July 15, 2020.