Weekly Real Estate News
Vermont homeowners could be facing an average property tax hike of 12% next year based on the projected budgets from two-thirds of the state’s schools.
WCAX reports per-pupil spending in Vermont is up by nearly $1,000, a 7% year-over-year increase. If the latest tax hike goes into effect, homeowners in the Green Mountain State will have shouldered a 41% rise in property taxes over the past five years.
“We are contending with two enormous challenges: property taxes that families cannot afford and an education system that local communities cannot sustain,” said Vermont Education Secretary Zoie Saunders.
Oddly, the rising costs within Vermont’s schools corresponds with a declining level of student enrollment.
“Fifteen thousand less kids in our school system and the cost increase over that time in the 20-year window is up almost a billion dollars,” observed Vermont Tax Commissioner Bill Shouldice.
However, it is possible the property tax hike could be mitigated if the state sets aside funds to buy down the tax rate and if the school budgets come in lower than expected.
