An act relating to the housesite value exclusion

This bill increases the amount of land value that homeowners can exclude from their property tax credit calculation in Vermont. It directly affects homeowners who file for the homestead property tax credit by raising the threshold for housesite value from $225,000 to $350,000 for higher-income households and from $400,000 to $550,000 for lower-income households. The key provision adjusts the formula used to determine the tax credit, allowing more of the land value to be ignored when calculating the credit amount. The changes take effect on July 1, 2023, and apply to tax credit claims filed on or after January 1, 2024.