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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.

 

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