In a change to state law, property owners intending to file homestead declarations must do so annually beginning this year. The deadline for 2013 is April 15, the same deadline as that for filing Vermont income tax returns.
Property owners previously needed to declare their homestead only once, barring a change in ownership or property status.
According to Mary Peterson, Vermont's state tax commissioner, filing homestead declarations is critical to paying the correct tax.
Homestead declarations also must be filed by anyone seeking a property tax adjustment, Peterson said.
She explained that in Vermont all property is subject to education property tax. Property is considered nonresidential until it is claimed as the owner's homestead, hence the need for the declaration. Any property owner both occupying the property as their primary residence and domiciling in Vermont must file a homestead declaration.
Peterson said owners of homestead property acquired as of April 1 must file by April 15. Late filing is accepted through Oct. 15, though penalties for late filing will apply.
Homestead and non-residential school taxes cover approximately two-thirds of the cost of education in Vermont. Other taxes, net lottery proceeds, and an annual transfer from the state's General Fund make up the rest of the revenue going into the Education Fund.
To file...
According to Peterson, electronic filing is recommended for speed and convenience, though property owners may file by submitting Vermont form HS-122 either personally or by mail. To file electronically or to complete form HS-122, visit www.tax.vermont.gov. Instructions are available online.
Tax forms available online
Tax forms, too, are available online. Available for download are the personal income tax return booklet, filing instructions, tax tables, and other helpful information
State tax returns also can be filed through Vermont e-file, available on the department's website.
Looking for printed forms? They'll be distributed later than usual, in early February, due to delays stemming from this winter's “fiscal cliff” legislation. Forms will be available through town clerk offices, libraries and post offices.