Vermont Statutes Title 32 Sec. 9610
Terms Used In Vermont Statutes Title 32 Sec. 9610
- Commissioner: means the Commissioner of Taxes or any officer or employee of the Department authorized by the Commissioner, directly or indirectly by one or more redelegations of authority, to perform the functions mentioned or described in this chapter. See
- Property: means real property. See
- Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
- Town clerk: means any town clerk, city clerk, county clerk, or other official whose duty it is to record deeds of property. See
- Transfer: includes a grant, assignment, conveyance, will, trust, decree of court, transfer or acquisition of a direct or indirect controlling interest in any person with title to property, or any other means of transferring title to property or vesting title to property in any person. See
§ 9610. Remittance of return and tax; inspection of returns
(a) Not later than 30 days after the receipt of any property transfer return, a town clerk shall file the return in the office of the town clerk and electronically forward a copy of the acknowledged return to the Commissioner; provided, however, that with respect to a return filed in paper format with the town, the Commissioner shall have the discretion to allow the town to forward a paper copy of that return to the Department.
(b) The copies of property transfer returns in the custody of the town clerk may be inspected by any member of the public.
(c) Prior to distributions of property transfer tax revenues under 10 V.S.A. § 312, 24 V.S.A. § 4306(a), and subdivision 435(b)(10) of this title, two percent of the revenues received from the property transfer tax shall be deposited in a special fund in the Department of Taxes for Property Valuation and Review administration costs.
[Subsection (d) repealed effective July 1, 2039.]
(d)(1) Prior to any distribution of property transfer tax revenue under 10 V.S.A. § 312, 24 V.S.A. § 4306(a), subdivision 435(b)(10) of this title, and subsection (c) of this section, $2,500,000.00 of the revenue received from the property transfer tax shall be transferred to the Vermont Housing Finance Agency to pay the principal of and interest due on the bonds, notes, and other obligations authorized to be issued by the Agency pursuant to 10 V.S.A. § 621(22), the proceeds of which the Vermont Housing and Conservation Board shall use to create affordable housing pursuant to 10 V.S.A. § 314.
(2) As long as the bonds, notes, and other obligations incurred pursuant to subdivision (1) of this subsection remain outstanding, the rate of tax imposed pursuant to section 9602 of this title shall not be reduced below a rate estimated, at the time of any reduction, to generate annual revenues of at least $12,000,000.00. (Added 1967, No. 146, § 1, eff. Jan. 1, 1968; amended 1969, No. 291 (Adj. Sess.), § 17, eff. 60 days after April 9, 1970; 1971, No. 73, § 39, eff. April 16, 1971; 1987, No. 200 (Adj. Sess.), § 3; 1989, No. 119, § 27, eff. June 22, 1989; 1993, No. 210 (Adj. Sess.), § 275a, eff. June 30, 1995; 1993, No. 210 (Adj. Sess.), § 275b, eff. Oct. 1, 1994; 1995, No. 5, § 56, eff. March 3, 1995; 1995, No. 63, § 281(d), eff. June 30, 1996; 1999, No. 152 (Adj. Sess.), § 271e; 2009, No. 160 (Adj. Sess.), § 20; 2011, No. 45, § 34, eff. May 24, 2011; 2011, No. 45, § 35, eff. July 1, 2016; 2017, No. 85, § I.4; 2017, No. 85, § I.11(a)(4), eff. July 1, 2039.)