finance

Homestead Declaration (Vermont)

Vermont's statewide education property tax classifies property as homestead or nonhomestead. To be taxed as a homestead, the owner's principal dwelling and domicile, the owner must file a homestead declaration every year by the Vermont income tax return due date, declaring the property as the homestead as of April 1. If not filed, the property is taxed as nonhomestead and penalties can apply; a fraudulent declaration carries a 100% penalty. A buyer must file a new declaration, as the seller's does not carry over.