Latest news with #H.454
Yahoo
29-05-2025
- Business
- Yahoo
Vermont property taxes are increasing this year, but not by much. Here's why
Property taxes in Vermont are set to increase an average of 1.1% in fiscal year 2026, down from the 5.9% increase the Department of Taxes projected in December 2024 and significantly lower than fiscal year 2025's unprecedented 14% jump. Lawmakers bought down property tax increases for fiscal year 2026 using a one-time $77.2 million allocation from the general fund, a strategy Gov. Phil Scott proposed at the beginning of the legislative session in January. Scott, who originally wanted a zero percent increase or even a property tax decrease, signed the new property tax bill into law on May 20. Scott reiterated that the buydown should be a one-time approach to providing tax relief and reminded lawmakers of their promise to reform the education property tax system. 'After last year's significant property tax increase, we knew it was important to provide Vermonters tax relief," Scott said in a press release. "But I want to be clear, buying down rates year after year isn't good fiscal management and we should only view this as a bridge to the real education transformation our system needs." The legislature's next step, Scott said, is to pass an education transformation bill that creates a more sustainable, affordable and equitable funding structure before the legislative session adjourns. The education transformation bill in question, H.454, is currently in the senate and, if passed, will once again need the approval of the house due to the many edits senators made to the original legislation. Vermont's skyrocketing property taxes, which critics say has made living in Vermont more difficult each year, are widely believed to be the reason Democrats and Progressives lost their supermajority in both chambers in November. All parties agreed to make working on the property tax crisis their top priority this session. Additionally, school districts helped to lower property tax increases for FY26 by making significant budget cuts, Scott reported in December. Megan Stewart is a government accountability reporter for the Burlington Free Press. Contact her at mstewartyounger@ This article originally appeared on Burlington Free Press: How much Vermont's property taxes will increase this year
Yahoo
21-05-2025
- Business
- Yahoo
Vermont Gov. Phil Scott signs $9.1 billion FY26 state budget
Gov. Phil Scott signed the fiscal year 2026 budget appropriations bill on Wednesday, while urging lawmakers to continue working on policies that will bring down the cost of living for Vermonters. At $9.1 billion, the FY26 budget is about $360 million more than FY25 spending. Scott said that while the final version was $30 million less than the Vermont Senate had proposed, it was $20 million more than his budget proposal. The budget includes $2.4 billion for education, which is boosted by $77.2 million from the state's general fund to buy down property tax rates. Gov. Scott school choice plan receiving mixed reviews In a letter to lawmakers, Scott said legislative leaders needed to continue work on education reform, beginning with H.454. Scott noted that $4 million in the FY26 budget would to ' support educational transformation.' He also urged the Legislature to pass his proposed housing bill. Democrats accept Scott's budget requests, with a caveat Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
