An act relating to a nonresidential property tax surcharge

This bill allows Vermont municipalities to vote on adding a small property tax surcharge of up to 0.05 percent on nonresidential properties. The collected funds must be kept separate from general municipal budgets and can only be used for two specific purposes: rehabilitating blighted properties and funding public safety initiatives. Municipalities would decide annually at town meetings whether to implement this surcharge, and it would begin taking effect on July 1, 2024. The bill directly affects property owners of nonresidential real estate within municipalities that choose to adopt the surcharge.