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Homestead tax exemptions shelter a certain dollar amount or percentage of home value from property taxes. They're called ?homestead? exemptions because they apply to primary residences, not rental properties or investment properties.
A homestead is the principal dwelling and parcel of land surrounding the dwelling, owned and occupied by the resident as the person's domicile. All property is considered nonhomestead, unless it is declared as a homestead.
The nonhomestead rate is $1.391 (per $100 of property value) before the CLA is applied in all Vermont towns in FY24.
How to File Tax YearMaximum Household Income2021$136,9002020$138,5002019$138,2502018$136,5004 more rows
Chittenden County It has among the highest property taxes in the state. The median annual property tax homeowners in Chittenden County pay is $6,376, highest in the state and more than double the national average. In the city of Burlington, the total municipal tax rate is 0.7082, and that applies to assessed value.
By Vermont law, property owners whose homes meet the definition of a Vermont ?homestead? must file a Homestead Declaration annually by the April due date. If eligible, you must file so that you are correctly assessed the homestead tax rate on your property.
Vermont has a ?homestead exemption? which may protect your home and the land attached to it if you are sued. The exemption protects $125,000 of the equity value of your home from collection in a lawsuit.
What Qualifies As A Homestead? A homestead is the house or mobile home that a person lives in and land on which it sits. The property must be a person's primary residence for it to be eligible for a homestead declaration.