Understanding Vermont Real Estate Taxes

 

Act 250 Program

Act 250 is Vermont’s land use and development law, enacted in 1970 at a time when Vermont was undergoing significant development pressure. The law provides a public, quasi-judicial process for reviewing and managing the environmental…. more

Current Use

Use Value Appraisal, or “Current Use” as it is commonly known, is a property tax incentive available to owners of agricultural and forestry land in Vermont. Eligible landowners can enroll in the program to have their land appraised at its Current Use (farming or forestry) value…..more

Land Gains Withholding Tax

Land Gains Withholding Tax is a tax on the gain from the sale or exchange of land that has been held for fewer than six (6) years.  Land may include timber and timber rights sold providing…..more

Property Transfer Tax

Property Transfer Tax is a tax on the transfer by deed of title to real property in Vermont. Property Transfer Tax Return must be filed with a town clerk whenever a deed(s) transferring title to real property is delivered to a town clerk for recording……more

Real Estate Withholding Tax

When real estate is sold in Vermont, state income tax is due on the gain from the sale, whether the seller is a resident, part-year resident, or nonresident. If the seller is a nonresident, the buyer is required to withhold…..more

 

Whether you are selling or buying, Bassette Real Estate Group’s agents can help you understand the ins and outs of the Vermont Tax Laws. Their knowledge and experience will guide you with ease through the process of selling your current home and/or buying your new home. Give us a call today! (802) 457-2244