Terms Used In Vermont Statutes > Title 32 > Chapter 154 - Homestead Property Tax Credit and Renter Credit

• Adjusted property tax: means the amount of education and municipal property taxes on the homestead parcel after reduction for any property tax credit under section 6066a of this chapter. See
• Allocable rent: means , for any housesite and for any taxable year, 21 percent of the gross rent. See
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Claim year: means the year in which a claim is filed under this chapter. See
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Dependent: A person dependent for support upon another.
• design: means planning the physical and operational characteristics of a potable water supply or wastewater system that requires a permit or designer's certification or license under the laws of this State. See
• designer: means a person who is licensed under this chapter to engage in the practice of potable water supply or wastewater system design. See
• Director: means the Director of the Office of Professional Regulation. See
• Director: means the Director of the Office of Professional Regulation. See
• Equalized value of the housesite in the taxable year: means the value of the housesite on the grand list for April 1 of the taxable year, divided by the municipality's common level of appraisal determined by equalization of the grand list for April 1 of the year preceding the taxable year. See
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Extremely low-income limit: means the limit as determined by the U. See
• Fair market rent: means the monthly fair market rent for the area in which the claimant resides as determined by the U. See
• federal adjusted gross income:

• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Grantor: The person who establishes a trust and places property into it.
• Gross rent: means the rent actually paid during the taxable year by the claimant solely for the right of occupancy of the housesite during the taxable year. See
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Homestead: means a homestead as defined under subdivision 5401(7) of this title, but not under subdivision 5401(7)(G) of this title, and declared on or before October 15 in accordance with section 5410 of this title. See
• Household: means , for any individual and for any taxable year, the individual and such other persons as resided with the individual in the principal dwelling at any time during the taxable year. See
• Household income: means modified adjusted gross income, but not less than zero, received in a calendar year by:

• Housesite: means that portion of a homestead, as defined under subdivision 5401(7) of this title but not under subdivision 5401(7)(G) of this title, that includes as much of the land owned by the claimant surrounding the dwelling as is reasonably necessary for use of the dwelling as a home, but in no event more than two acres per dwelling unit, and, in the case of multiple dwelling units, not more than two acres per dwelling unit up to a maximum of 10 acres per parcel. See
• income: means federal adjusted gross income increased by the following:

• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• License: means a current authorization granted by the Director permitting the practice of potable water supply or wastewater system design. See
• License: means a current authorization granted by the Director permitting the practice of pollution abatement facility operation. See
• Modified adjusted gross income: means "federal adjusted gross income":

• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
• Original bill: A bill which is drafted by a committee. It is introduced by the committee or subcommittee chairman after the committee votes to report it.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Permit: when used as a noun, means an authorization by the Agency of Natural Resources to operate a facility regulated under 10 V. See
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• Pollution abatement facility operator: means a person who is licensed under this chapter, or pursuant to rules developed pursuant to this chapter, to engage in the practice of pollution abatement facility operation consistent with a permit. See
• Practice of pollution abatement facility operation: means the operation and maintenance of a facility regulated under 10 V. See
• Property tax: means the amount of ad valorem taxes, exclusive of special assessments, interest, penalties, and charges for service, assessed on real property in this State used as the claimant's housesite, or that would have been assessed if the homestead had been properly declared at the time of assessment. See
• Property tax credit: means a credit of the prior tax year's statewide or municipal property tax liability or a homestead owner credit, as authorized under section 6066 of this title, as the context requires. See
• real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
• Statewide education tax rate: means the homestead education property tax rate multiplied by the municipality's education spending adjustment under subdivision 5402(a)(2) of this title and used to calculate taxes assessed in the municipal fiscal year that began in the taxable year. See
• Taxable year: means the calendar year preceding the year in which the claim is filed. See
• Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
• Very low-income limit: means the limit as determined by the U. See