State To Reimburse Flood-Damaged Towns For Property Taxes
10/17/11 4:04PM By Bob Kinzel
(Host) Governor Peter Shumlin says the state will reimburse towns for some of the property tax payments they expect to lose because of flood damage.
The governor says the plan is designed to make sure that homeowners and business owners can apply to towns for tax relief.
(Shumlin) "We want to ensure that as they try to get back on their feet that we're cooperating in every way we can to make sure they don't have to make payments for property taxes that they can't afford and aren't able to make."
(Host) The Legislature will have to adopt a statute this winter to permit the full property tax abatement plan.
But the Tax Department says it will reimburse towns for unpaid taxes on properties that were damaged by the floods.
Eligible properties will be any that suffered at least a 50 percent loss in value and that were unavailable to use for at least 90 days.