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Vt. House approves increase in property tax - WCAX.COM Local Vermont News, Weather and Sports-

Vt. House approves increase in property tax

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BURLINGTON, Vt. -

On Thursday the Vermont House gave preliminary approval to an increase in the statewide property tax to fund education.

The measure lifts the per penny rate for primary residences from $0.94 to $0.98, while businesses and second-homeowners would pay a $1.52, eight cents more than this year.

The change would raise an additional $40 million in revenue. Lower home values and rising education costs are driving the need for the rate hike.

Under the bill, lawmakers will also consider shifting more of the burden for education to the income tax in future years.

A proposal from two Republican representatives to repeal and replace the current education funding system within two years was defeated.

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