Vermont § 5402b - Statewide education tax yields; recommendation of the Commissioner [Effective until July 1, 2027; see also 32 V.S.A. § 5402b effective July 1, 2027 set out below]

§ 5402b. Statewide education tax yields; recommendation of the Commissioner [Effective until July 1, 2027; see also 32 V.S.A. § 5402b effective July 1, 2027 set out below]

• (a) Annually, not later than December 1, the Commissioner of Taxes, after consultation
  with the Secretary of Education, the Secretary of Administration, and the Joint Fiscal
  Office, shall calculate and recommend a property dollar equivalent yield, an income
  dollar equivalent yield, and a nonhomestead property tax rate for the following fiscal
  year. In making these calculations, the Commissioner shall assume: (1) the homestead base tax rate in subdivision 5402(a)(2) of this title is $1.00 per $100.00 of equalized education property value; (2) the applicable percentage in subdivision 6066(a)(2) of this title is 2.0; (3) the statutory reserves under 16 V.S.A. § 4026 and this section were maintained at five percent; (4) the percentage change in the average education tax bill applied to nonhomestead property
  and the percentage change in the average education tax bill of homestead property
  and the percentage change in the average education tax bill for taxpayers who claim
  a credit under subsection 6066(a) of this title are equal; (5) the equalized education grand list is multiplied by the statewide adjustment in calculating
  the property dollar equivalent yield; and (6) the nonhomestead rate is divided by the statewide adjustment. (b) For each fiscal year, the property dollar equivalent yield and the income dollar equivalent
  yield shall be the same as in the prior fiscal year, unless set otherwise by the General
  Assembly. (c) Annually, on or before December 1, the Joint Fiscal Office shall prepare and publish
  an official, annotated copy of the Education Fund Outlook. The Emergency Board shall
  review the Outlook at its meetings. As used in this section, “Education Fund Outlook”
  means the projected revenues and expenses associated with the Education Fund for the
  following fiscal year, including projections of different categories of educational
  expenses and costs. (d) Along with the recommendations made under this section, the Commissioner shall include
  the range of per pupil spending between all districts in the State for the previous
  year. (Added 2003, No. 68, § 5, eff. June 18, 2003; amended 2005, No. 185 (Adj. Sess.), § 10; 2009, No. 160 (Adj. Sess.), §§ 50, 51, eff. June 4, 2010; 2013, No. 92 (Adj. Sess.), § 285, eff. Feb. 14, 2014; 2013, No. 174 (Adj. Sess.), § 52; 2015, No. 46, § 32; 2015, No. 132 (Adj. Sess.), § 4; 2018, No. 11 (Sp. Sess.), §§ H.10a, H.29; 2023, No. 183 (Adj. Sess.), § 15, eff. July 1, 2025.) § 5402b. Statewide education tax rate; supplemental district spending yield; recommendation of the Commissioner [Effective July 1, 2027; see also 32 V.S.A. § 5402b effective until July 1, 2027 set out above] (a) Annually, not later than December 1, the Commissioner of Taxes, after consultation
  with the Secretary of Education, the Secretary of Administration, and the Joint Fiscal
  Office, shall calculate and recommend the statewide education property tax rate pursuant
  to subsection 5402(a) of this chapter and the supplemental district spending yield
  for the following fiscal year. In making these calculations, the Commissioner shall
  assume the statutory reserves are maintained at five percent pursuant to 16 V.S.A. § 4026, the amounts in the Supplemental District Spending Reserve are unavailable for any
  purpose other than that specified in 16 V.S.A. § 4032(b), and the statewide education property tax rate is divided by the statewide adjustment. (b) For each fiscal year, the supplemental district spending yield shall be the same as
  in the prior fiscal year unless set otherwise by the General Assembly. (c) Annually, on or before December 1, the Joint Fiscal Office shall prepare and publish
  an official, annotated copy of the Education Fund Outlook. The Emergency Board shall
  review the Outlook at its meetings. As used in this section, “Education Fund Outlook”
  means the projected revenues and expenses associated with the Education Fund for the
  following fiscal year, including projections of different categories of educational
  expenses and costs. (d) Along with the recommendations made under this section, the Commissioner shall include: (1) the base amount as defined in 16 V.S.A. § 4001(16); (2) for each school district, the estimated long-term membership, weighted long-term membership,
  and aggregate adjusted equalized education property tax grand list of its municipal
  members; (3) for each school district, the estimated aggregate adjusted equalized education property
  tax grand list of its municipal members per long-term membership; (4) the estimated school district with the lowest taxing capacity; and (5) the range of per pupil supplemental district spending between all districts in the
  State for the previous year. (Added 2003, No. 68, § 5, eff. June 18, 2003; amended 2005, No. 185 (Adj. Sess.), § 10; 2009, No. 160 (Adj. Sess.), §§ 50, 51, eff. June 4, 2010; 2013, No. 92 (Adj. Sess.), § 285, eff. Feb. 14, 2014; 2013, No. 174 (Adj. Sess.), § 52; 2015, No. 46, § 32; 2015, No. 132 (Adj. Sess.), § 4; 2018, No. 11 (Sp. Sess.), §§ H.10a, H.29; 2023, No. 183 (Adj. Sess.), § 15, eff. July 1, 2025; 2025, No. 73, § 48, eff. July 1, 2027.)