Vermont Tax Changes - October 2024
Week Of 10.07.2024
The Vermont Department of Taxes reminds taxpayers that the deadline to file a Homestead Declaration, Property Tax Credit Claim, and Renter Credit Claim is October 15, 2024.
All Vermont homestead owners must file a Homestead Declaration annually, even if they are not seeking an income-based property tax credit. Taxpayers may be eligible for a property tax credit if:
- Their property qualifies as a homestead as of April 1 and they have filed a 2024 Homestead Declaration.
- For the 2023 calendar year, they were not claimed as a dependent of another taxpayer and met the household income criteria.
Taxpayers must meet similar requirements for the Renter Credit program and the income eligibility limits based on family size.
Homestead Declarations and Renter Credit claims cannot be accepted after October 15, 2024. Any Property Tax Credit claims received after October 15, 2024, and before March 17, 2025, are reduced by $150.
Effective January 1, 2025, Berlin will have a 1% local option sales tax and a 1% local option meals and rooms tax rate.
Week Of 09.30.2024
Vermont Cannabis Excise Tax:
- The Vermont Department of Taxes has updated its Cannabis Excise Tax Guide, reflecting changes made in the 2024 legislative session regarding record-keeping requirements.
Vermont Property Tax:
- The Vermont Supreme Court has ruled that a hearing officer for Property Valuation and Review (PVR) can increase an assessment even if the assessor had previously agreed to a lower valuation after a hearing with the taxpayer. This means that taxpayers who appeal their property assessments to PVR could face an increase in their assessment, not just a decrease.
Week Of 10.07.2024
Vermont Property Tax—Vermont reminds taxpayers of homestead declaration deadline.
The Vermont Department of Taxes reminds taxpayers that the deadline to file a Homestead Declaration, Property Tax Credit Claim, and Renter Credit Claim is October 15, 2024. All Vermont homestead owners must file a Homestead Declaration annually even if they are not seeking an income-based property tax credit. Taxpayers may be eligible for a property tax credit if: (1) their property qualifies as a homestead as of April 1 and they have filed a 2024 Homestead Declaration; and (2) for the 2023 calendar year, they were not claimed as a dependent of another taxpayer and met the household income criteria. Taxpayers must meet similar requirements for the Renter Credit program and the income eligibility limits based on family size. Homestead Declarations and Renter Credit claims cannot be accepted after October 15, 2024. Any Property Tax Credit claims received after October 15, 2024 and before March 17, 2025, are reduced by $150. (October 2024 Update-Vermont Homestead Declaration-Property Tax Credit and Renter Credit, 10/08/2024.)
Vermont Sales and Use Tax Rates—Vermont announces local option sales tax change.
The Vermont Department of Taxes has updated its list of local option sales tax rates to indicate that effective January 1, 2025, Berlin will have a 1% local option sales tax and a 1% local option meals and rooms tax rate. (Local Option Sales Tax, Vt. Dept. of Taxes, 10/01/2024.)
Vermont Sales & Use Taxes—Vermont announces local option sales tax change.
The Vermont Department of Taxes has updated its list of local option sales tax rates to indicate that effective January 1, 2025, Berlin will have a 1% local option sales tax and a 1% local option meals and rooms tax rate. (Local Option Sales Tax, Vt. Dept. of Taxes, 10/01/2024.)
Week Of 09.30.2024
Vermont Cigarette, Alcohol & Miscellaneous Taxes—Vermont updates cannabis excise tax guide.
The Vermont Department of Taxes has updated its Cannabis Excise Tax Guide. The updated guide reflects changes made in the 2024 session regarding record keeping requirements. (GB-1313, Vermont Cannabis Excise Tax Guide, 09/01/2024.)
Vermont Property Tax—Vermont Supreme Court rules increased assessment after taxpayer appeal was proper.
The Vermont Supreme Court has ruled that a hearing officer for Property Valuation and Review (PVR) is conducting a de novo hearing and is not bound by the reduced amount that an assessor agreed to after the taxpayer had a hearing with the assessor. The town had originally assessed the taxpayer for $1,104,100 and the assessor reduced that valuation to $811,100 after a hearing with the taxpayer. The hearing office for PVR analyzed the property again and established the value as $1,067,600. The taxpayer argued that PVR could not increase the assessment above what the assessor had agreed to but the court disagreed. The court stated that hearings at PVR are de novo and the town can offer evidence to show that the assessment should be increased. The court added that such an appeal presents taxpayers with the risk of increase as well as the chance of decrease. (Green v. Town of Manchester, Vt. S Ct., Dkt. No. 24-AP-114, 09/13/2024.)
Vermont Sales & Use Taxes—Vermont updates cannabis excise tax guide.
The Vermont Department of Taxes has updated its Cannabis Excise Tax Guide. The updated guide reflects changes made in the 2024 session regarding record keeping requirements. (GB-1313, Vermont Cannabis Excise Tax Guide, 09/01/2024.)
Week Of 10.07.2024
Vermont Property Tax—Vermont reminds taxpayers of homestead declaration deadline.
The Vermont Department of Taxes reminds taxpayers that the deadline to file a Homestead Declaration, Property Tax Credit Claim, and Renter Credit Claim is October 15, 2024. All Vermont homestead owners must file a Homestead Declaration annually even if they are not seeking an income-based property tax credit. Taxpayers may be eligible for a property tax credit if: (1) their property qualifies as a homestead as of April 1 and they have filed a 2024 Homestead Declaration; and (2) for the 2023 calendar year, they were not claimed as a dependent of another taxpayer and met the household income criteria. Taxpayers must meet similar requirements for the Renter Credit program and the income eligibility limits based on family size. Homestead Declarations and Renter Credit claims cannot be accepted after October 15, 2024. Any Property Tax Credit claims received after October 15, 2024 and before March 17, 2025, are reduced by $150. (October 2024 Update-Vermont Homestead Declaration-Property Tax Credit and Renter Credit, 10/08/2024.)
Vermont Sales and Use Tax Rates—Vermont announces local option sales tax change.
The Vermont Department of Taxes has updated its list of local option sales tax rates to indicate that effective January 1, 2025, Berlin will have a 1% local option sales tax and a 1% local option meals and rooms tax rate. (Local Option Sales Tax, Vt. Dept. of Taxes, 10/01/2024.)
Vermont Sales & Use Taxes—Vermont announces local option sales tax change.
The Vermont Department of Taxes has updated its list of local option sales tax rates to indicate that effective January 1, 2025, Berlin will have a 1% local option sales tax and a 1% local option meals and rooms tax rate. (Local Option Sales Tax, Vt. Dept. of Taxes, 10/01/2024.)
Week Of 09.30.2024
Vermont Cigarette, Alcohol & Miscellaneous Taxes—Vermont updates cannabis excise tax guide.
The Vermont Department of Taxes has updated its Cannabis Excise Tax Guide. The updated guide reflects changes made in the 2024 session regarding record keeping requirements. (GB-1313, Vermont Cannabis Excise Tax Guide, 09/01/2024.)
Vermont Property Tax—Vermont Supreme Court rules increased assessment after taxpayer appeal was proper.
The Vermont Supreme Court has ruled that a hearing officer for Property Valuation and Review (PVR) is conducting a de novo hearing and is not bound by the reduced amount that an assessor agreed to after the taxpayer had a hearing with the assessor. The town had originally assessed the taxpayer for $1,104,100 and the assessor reduced that valuation to $811,100 after a hearing with the taxpayer. The hearing office for PVR analyzed the property again and established the value as $1,067,600. The taxpayer argued that PVR could not increase the assessment above what the assessor had agreed to but the court disagreed. The court stated that hearings at PVR are de novo and the town can offer evidence to show that the assessment should be increased. The court added that such an appeal presents taxpayers with the risk of increase as well as the chance of decrease. (Green v. Town of Manchester, Vt. S Ct., Dkt. No. 24-AP-114, 09/13/2024.)
Vermont Sales & Use Taxes—Vermont updates cannabis excise tax guide.
The Vermont Department of Taxes has updated its Cannabis Excise Tax Guide. The updated guide reflects changes made in the 2024 session regarding record keeping requirements. (GB-1313, Vermont Cannabis Excise Tax Guide, 09/01/2024.)