Covid-related teacher retirements push statewide 9% property tax increase - St. Albans Messenger

Vermont property taxes are scheduled to increase a whopping nine percent next year. More than a third of that increase is due to rising teacher pension costs having nothing to do with the multi-billion $$ unfunded liability. “Normal” pension costs - paid out of the property tax-funded Education Fund - are way up due to pensioners living longer and teachers retiring earlier due to Covid-19.

"Part of the reason for that increase was, according to Tax Commissioner Ted Bolio, a $32 million increase in the amount of money needed to be paid to the teacher retirement fund. That increase was responsible for 3.5 cents of the projected property tax rate increases."

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  • David Flemming
    published this page in The News 2020-12-07 14:23:02 -0500