VT S0280

Creates four property tax classifications: homestead, nonhomestead nonresidential, nonhomestead residential (second homes/short-term rentals), and nonhomestead seasonal (properties not fit for year-round habitation)

Sets the nonhomestead residential tax rate at $2.00 per $100 of equalized value multiplied by the local education spending adjustment, compared to $1.59 per $100 for nonhomestead nonresidential and seasonal properties

Establishes a School Construction Aid Special Fund to receive half of all revenue generated from the nonhomestead residential property tax

Fund proceeds support school construction projects, facilities master plan grants, program administrative costs, and emergency aid

New property classifications and tax rates take effect January 1, 2028, with a 2027 data collection period requiring the Commissioner of Taxes to classify all parcels by October 1, 2027