What is the Vermont Homestead Declaration and Property Tax Adjustment?

The Vermont Homestead Declaration and Property Tax Adjustment are two separate programs implemented by the Vermont Department of Taxes to help eligible residents with their property taxes. The Homestead Declaration is an annual requirement that homeowners need to fulfill to claim the statewide education property tax rate. It confirms the property as their primary residence. On the other hand, the Property Tax Adjustment program assists eligible homeowners in lowering their property tax burden. It involves a calculation based on their income, property value, and taxes paid. Through this program, eligible individuals can receive a partial refund or credit towards their property taxes. Both programs aim to provide financial relief to homeowners while ensuring the accuracy of property taxation and supporting the funding of education services in the state.