An act relating to an increased education property tax rate for certain residential properties

S.280 increases the property tax rate for nonhomestead residential properties (including second homes and short-term rentals) to $2.00 per $100 of property value, up from a lower rate. It also creates a new classification for nonhomestead seasonal properties (such as seasonal vacation homes), taxing them at the nonhomestead nonresidential rate. Additional revenue from the higher tax rate on nonhomestead residential properties will fund a new special school construction fund. This bill directly affects Vermont property owners who use homes as second residences or short-term rentals by raising their property tax burden.