An act relating to a homestead property tax exemption for long-term residents who are 65 years of age or older

S 315 would exempt Vermont residents aged 65 or older who have lived in the state continuously for 10 years from the homestead property tax. The exemption phases in over four years: 75% reduction in 2027, 50% in 2028, 25% in 2029, and full exemption beginning fiscal year 2030. It applies only to the education property tax portion of homestead taxes. The bill takes effect July 1, 2026.