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Lawmakers take next step in curbing projected steep property tax increases [Video]

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Generational Wealth

Vermonters and municipalities are facing a potential staggering property tax increase due to education spending, leaving lawmakers scrambling to find a solution to help.On Wednesday the senate advanced what they think is the first step, by eliminating the 5% cap created in Act 127. “A 5% cap when you’ve got 15% spending is bankruptcy, you can’t cap your revenue at 5% and put your spending up around 15% and expect the education fund to stay in business very long,” said Sen. Ann Cummings, the Chair of the Senate Finance committee. The Senate President Pro Tem said it’s one correction/step and the first of many. “There was in Act 127 a piece that produced an incentive to spend over 5% but under 10%, and there was some communities that took that incentive because we left the door open, so this corrects that,” said Sen. Phil Baruth. Some however believe this is …

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