Property Tax Credit

NEW EDUCATION PROPERTY TAX ESTIMATOR TOOL: The Department has created an education property tax estimator 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 impacts of proposed budgets on taxpayers based on their combination of property value and household income. Figures produced by the tool are estimates only. See the estimator tool here >>

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 described in this fact sheet. The maximum adjustment 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 (please note: for this year the maximum household income is approximately $136,500)

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 filed.

There are no extensions available to file a Homestead Declaration and Property Tax Credit.

Please note: Adjustment amounts calculated using the Property Tax Credit tool are estimates based on education tax rate information as of January 2019.

Learn more about how to determine household income.

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.