Property Tax Fairness in Burlington
In March we joined the Tax Fairness Committee to review 3+ years of work on this issue. At our upcoming City Council meeting, we will be considering a recommended resolution.
This resolution would ask Burlington voters in November 2026 whether the City Charter should be changed to give the City more tools to address tax fairness and housing affordability.
The proposal would establish varying tax rates for different classifications of property and focus on two key areas:
1. Homestead Exemption
This would allow the City, with voter approval, to exempt up to $75,000 of assessed value for eligible owner-occupied homes valued at $500,000 or less. The goal would be to reduce the tax burden on lower- and moderate-value homes, while keeping the overall change revenue-neutral.
2. A housing-focused transfer tax on high-value home sales
The proposal would create a 5% tax on the sale of single-family homes and condominiums valued at $1 million or more. This tax would be paid by the seller and dedicated to Burlington’s Housing Trust Fund to support affordable housing.
The larger goal is to give Burlington residents a chance to vote on a tax system that supports long-term housing affordability.
This resolution does not immediately change anyone’s taxes. It would place the question before voters so the community can decide.
Available recordings from the Tax Fairness Committee meetings can be found here:
https://burlingtonvt.portal.civicclerk.com/?category_id=113
As always, we welcome your questions, feedback, and concerns.
City Councilors Carter (Ward 1) and Laura (Ward 3)
