Gov. Scott threatens to veto ‘Yield Bill’ for not providing adequate tax relief
MONTPELIER, Vt. (WCAX) - After repeated failed attempts to pass school budgets, voters in several Vermont school districts on Tuesday gave the green light to spending measures. It comes as Gov. Phil Scott is threatening to veto the “Yield Bill’ for not doing enough to rein in soaring property taxes.
While voters in the majority of Vermont school districts have now passed budgets, there are still just over two dozen looking at third, second, and even first votes. An unprecedented one-third of the school budgets Vermont voters considered on Town Meeting Day were rejected because of concerns over rising education costs contributing to double-digit increases in property taxes. Under state law, districts must pass a school budget by July 1 or begin the new year on a budget that is 87% of the current year’s.
Meanwhile, Governor Phil Scott Wednesday threatened to veto the “Yield Bill” -- which sets statewide property taxes -- unless lawmakers provide additional relief this year. Lawmakers are set to advance a plan that would raise short-term rental and business software taxes and use $25 million in excess tax revenues, setting property taxes at 12.5%. However, the governor wants to use state reserves to buy down property tax rates while state lawmakers begin structural education reform this session. He says without it, people will get priced out of Vermont.
“When are Vermonters going to say enough is enough and say ‘I can’t afford to live here? I love my state, I want to stay here, I want my family to grow up here, but I simply can’t afford it.’ When’s that day of reckoning?” Scott said.
That same legislation under consideration also creates an 18-month study committee on the future of funding the state’s education system.
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