The 2026 Vermont gubernatorial contest is entering its final stretch, and two issues have taken center stage: a proposed second-home tax and a September fundraising surge that has narrowed the cash gap between the incumbent and his challenger. Both topics reflect the state’s broader housing affordability concerns and the political calculus of courting donors ahead of the November ballot.
Second-home tax proposal divides candidates
Recent public opinion Polls show strong voter appetite for taxing vacation properties. A Vermont Public survey reports that 57% of respondents support the idea, while only 28% oppose it. A University of New Hampshire poll mirrors this sentiment, with 55% in favor and 23% against. The Vermont Housing Finance Agency estimates that roughly 14% of the state’s housing stock—about 50,000 homes—are classified as seasonally vacant a category that would likely fall under the new levy.
Democratic gubernatorial hopeful Amanda Janoo argues that the tax could generate needed revenue and encourage out-of-state owners to sell, freeing up homes for residents. “To encourage more of the housing that we have to be used and purchased by Vermonters who live here,” Janoo said. She also emphasized that the highest rates should target private-equity firms and large corporate owners, whom she blames for inflating prices. By contrast, Republican incumbent Phil Scott warns that over-taxing affluent homeowners could push wealth out of the state, threatening the economy. “I don’t know how many more rich people we have to lose in Vermont, but we’ve lost quite a few,” he remarked. Both candidates agree that any new classification must exempt deer camps and properties owned by working Vermonters.
Fundraising battle heats up in September
Financial disclosures reveal a dramatic shift in the cash dynamics of the race. In September, Janoe raised $291,000 bringing her campaign total to $706,000. After spending $426,000 on staff, outreach, and the first television push, she entered the month with roughly $280,000 on hand. Notably, more than $113,000 of her contributions were $100 or less, underscoring a strong small-donor base. Major supporters included State Treasurer Mike Pieciak (maximum $5,180), U.S. Senator Peter Welch ($4,700), and the founders of Ben & Jerry’s, who together contributed over $7,000. The Vermont NEA and VPIRG also gave $5,180 and $4,000 respectively.
Governor Scott’s September haul amounted to $223,000 adding to a campaign fund that began the month with $307,000 in cash. After spending about $234,000—primarily on a $137,000 television buy from Hen House Media—Scott closed September with roughly $296,000 remaining. His donor list featured Barre Mayor Thom Lauzon and family members ($20,720 total), as well as contributors linked to the late Rich Tarrant family. Corporate contributions flowed from companies such as Reynolds American, Meta, Pleasant Valley Farms, and Shelburne Limestone, each ranging from $500 to $1,000. Small-donor input accounted for approximately $32,000 of his total.
Upcoming debates and campaign tactics
The race will soon move from fundraising to direct voter engagement. A televised debate hosted by Vermont Public is slated for October 21, followed by a WCAX-TV forum on October 28. Janoe has already called for an earlier debate after Governor Scott criticized her past remarks on the F-35 fighter jet program, positioning the discussion as a test of democratic discourse. Both campaigns have begun to allocate money toward television ads: Janoe’s $60,000 spend with Mosaic Communications marked her first foray into broadcast spots, while Scott’s $137,000 purchase reflects a more aggressive media strategy.
Beyond the governor’s race, the lieutenant-governor contest also shows financial momentum, with Republican incumbent John Rodgers raising $150,000 and Democrat Molly Gray gathering $95,000 in September. Gray leads in cash on hand, holding $141,540 compared with Rodgers’ $84,160, and polling suggests she enjoys a substantial lead among likely voters. As the November election approaches, the intersection of the second-home tax debate and the evolving financial war chest will likely shape voter perception and could determine whether Vermont’s housing market and political landscape shift in tandem.
