State and Local Advocacy: Vermont
After many years of advocacy by community land trusts (CLTs) and affordable housing allies in Vermont, the state legislature passed a law that ensures taxation on resale restricted properties is equitable for lower income homeowners. The law will go into effect at the start of 2015. Owners of resale-restricted homes will pay between 60-70% of what the fair market value of the property would be if it was not subject to resale restrictions. The percentage shall be reviewed every five years to ensure equitable taxation continues. Congratulations to our Vermont members and advocates!