Dear Editor,
This week, the Vermont legislature overrode Gov. Scott’s veto of H.887, the “yield bill,” which funds our public education system through property taxes. This bill will directly impact Vermont property owners, raising the average property tax by a significant 13.8%.
It is crucial to understand that this tax increase is not an isolated event. It is a significant addition to the already heavy burden of the nation’s fourth-highest property tax rate, as reported by Rocket Mortgage.
Vermont is grappling with a housing shortage, and housing affordability is a key factor. Now, on top of the already high median home list price ($499,500 according to Rocket Mortgage, as of April 2024), the Legislature is adding another 13.8% to the already-high, nationally ranked, property tax rates. This move is pushing more housing out of reach for potential buyers, exacerbating the housing shortage. Coupled with mortgage interest rates in excess of 7%, this makes housing even less affordable.
Vermont also has a labor shortage. As the 2023 Report Card for Vermont’s Infrastructure, published by the Vermont section of the American Society of Civil Engineers, notes:
“A surge of retirements at state and local government agencies is draining institutional knowledge when project development and implementation are crucial to the best use of an historic funding surge. Agencies are struggling to retain younger engineers and other technical experts as they advance, especially women. The workforce crisis hitting construction and skilled labor further hampers implementation. This need ranges from adding more permanent FTEs to ensure enhanced dam safety and to expanding energy transmission capabilities as Vermont charges onward to meet its ambitious renewable energy goals.”
According to the Pew Charitable Trusts, Vermont is also projected to lose population in the coming decade: “From 2020 to 2030, Vermont, West Virginia, and Rhode Island are projected to shrink the most …”
Certainly, Vermont’s high cost of living is a driving factor in these population trends.
The Legislature is making Vermont’s long-term issues worse by overriding Gov. Scott’s veto and relying on the taxpayers to fund whatever they deem necessary for this second-smallest state in the nation.
Max Tyler
Westford
Read the story on VTDigger here: Max Tyler: The Vermont Legislature is exacerbating our affordability crisis.