Blog :: 06-2015

A Duxbury Blog - Everything you could want to know!

My friend and client has developed this really cool website about Duxbury. Duxbury tends to be a little forgotten about, as it's in between the larger areas of Waterbury and the Mad River Valley, but because of it's proximity to both it's really an excellent option. As a matter of fact, I have five listings in Duxbury right now! One of them is under contract contract (just one week after listing it). Pease be sure to check them out on my website and share, share share. I have new photos of my listing at the top of Dowsville Road and a new price. It's really spectacular, and the perennials are in full bloom. I would love to show it to you! Click here to view all of my active Duxbury listings and please, if you have any questions at all I would be happy to answer them. I hope you are all enjoying your summer so far! 

 

Central Vermont Real Estate Update - Change to Property Transfer Tax! Please Read!

Important notice: Please read the report below provided by the Vermont Department of Taxes:

For closings on or after June 17, 2015, there is a Clean Water surcharge* of 0.2% on the value of property subject to the property transfer tax. 32 V.S.A. § 9602a. Revenue generated by the surcharge is deposited in the Clean Water Fund. The surcharge is on the value of the property where the 1.25% rate currently applies, with one exception (see example 2 on next page). When combined, the property transfer tax rate and the surcharge will total 1.45%. The Department of Taxes has issued a new fillable updated property transfer tax return (Form PT-172) that incorporates the Clean Water surcharge. The electronic property transfer tax return filing system (ePTTR) has also been updated. 

Both are available on our website at www.tax.vermont.gov. All property transfers made on or after June 17 must use the new form and pay the surcharge, if applicable. Transferees that fail to pay the correct amount of property transfer tax or the surcharge may be subject to further billing with penalties and interest.

 

Waterbury, Vermont Real Estate Update, Market News and Legislative Update - June

Sorry, too busy to Blog!

Our great winter came to a quick end, and it seemed to me (and many others) that we skipped over spring and went right to summer. But the weather has returned to somewhat normal and I've made the transition from skiing to biking. There are some great new trails up in Stowe, and this week I was able to piggy-back a visit to Kingdom Trails onto a work meeting up in Newport. Closer to home, the Waterbury Reservoir opened for the season Memorial Day weekend and I'm looking forward to my first paddle!

And speaking of my office, we have had an extremely busy spring - 18 transaction sides closed in May alone. It seems that sellers are now willing to price their homes closer to market value, while buyers are aware that the era of low mortgage rates may be coming to a close. We are in great need of listings in the $200,000 - $300,000 price range. First time homebuyers are also realizing that the cost of owning could be even less than the cost of renting! 

Three items to note regarding this year's legislative session:

The new Lake Champlain cleanup program is being funded by a tax on property transfers. The rate for transfers over $100k is increasing from 1.25% to 1.4%. This will start in August.


There is a new tax credit for qualifying first-time homeowners to allow them to finance downpayments and closing costs. The program is being overseen by the Vermont Housing Finance Agency.


Finally, while there were measures taken to begin to address the rising cost of education, agreement on a comprehensive property tax reform package was not possible in this session. It's very likely that discussion will begin again next year.