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VERMONT PROPERTY TRANSFER TAX LAW CHANGE
Transfer of Real Estate in the USE VALUE APPRAISAL PROGRAM (Current Use) and WORKING FARMS
The preferential rate is repealed effective July 1, 2011.
“Repealed by authority of Act 45 of the 2011 Session.”
32 V.S.A. § 9602(2) (providing preferential property transfer tax for land
enrolled in the use value appraisal program and working farms) is repealed effective July 1, 2011.
Real estate transfers closing on 07/01/2011and future, that are enrolled in the Current Use program or are qualified working farms, will no longer get the property transfer tax special rate of 0.005, but will be taxed at the general rate of 0.0125. Those properties with closing dates prior to 07/01/2011 will
still qualify for the special rate of 0.005.
If you are filing a booklet or vendor paper PT-172 with a closing date of 07/01/2011 and future, than for current use transfers, leave line Q of the return and line 2 of the rate schedule blank or zero. For qualified working farms, leave line R of the return and line 3 of the rate schedule blank or zero.
If you are filing the PT-172 electronically (ePTTR), a value will not be allowed on the current use or working farm fields.
In either case, the tax will be calculated at 0.0125 rate.
If you have any questions please call 802-828-2542, or email email@example.com.