Terms Used In Vermont Statutes Title 32 Sec. 9602

  • Controlling interest: means :

  • following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: means every natural person, association, trust, corporation, partnership, limited liability company, or other legal entity. See
  • Principal residence: means principal residence as defined in section 10002a of this title, together with land that is beneath or directly contiguous to the dwelling and that is transferred with the dwelling. See
  • Property: means real property. See
  • State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
  • Title to property: includes :

  • 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
  • Value: means :

§ 9602. Tax on transfer of title to property

A tax is hereby imposed upon the transfer by deed of title to property located in this State, or a transfer or acquisition of a controlling interest in any person with title to property in this State. The amount of the tax equals one and one-quarter percent of the value of the property transferred, or $1.00, whichever is greater, except as follows:

(1) With respect to the transfer of property to be used for the principal residence of the transferee, the tax shall be imposed at the rate of five-tenths of one percent of the first $100,000.00 in value of the property transferred and at the rate of one and one-quarter percent of the value of the property transferred in excess of $100,000.00; except that no tax shall be imposed on the first $110,000.00 in value of the property transferred if the purchaser obtains a purchase money mortgage funded in part with a homeland grant through the Vermont Housing and Conservation Trust Fund or that the Vermont Housing and Finance Agency or U.S. Department of Agriculture and Rural Development has committed to make or purchase; and tax at the rate of one and one-quarter percent shall be imposed on the value of that property in excess of $110,000.00.

(2) [Repealed.]

(3) With respect to the transfer to a housing cooperative organized under 11 Vt. Stat. Ann. chapter 7 and whose sole purpose is to provide principal residences for all of its members or shareholders, or to an affordable housing cooperative under 11 Vt. Stat. Ann. chapter 14, of property to be used as the principal residence of a member or shareholder, the tax shall be imposed in the amount of five-tenths of one percent of the first $100,000.00 in value of the residence transferred and at the rate of one and one-quarter percent of the value of the residence transferred in excess of $100,000.00; provided that the homesite leased by the cooperative is used exclusively as the principal residence of a member or shareholder. If the transferee ceases to be an eligible cooperative at any time during the six years following the date of transfer, the transferee shall then become obligated to pay any reduction in property transfer tax provided under this subdivision, and the obligation to pay the additional tax shall also run with the land. (Added 1967, No. 146, § 1; amended by 1969, No. 144, § 6; 1987, No. 200 (Adj. Sess.), § 2; 1993, No. 49, § 16,; 1997, No. 50, §§ 6, 43; 1999, No. 62, § 272; 2005, No. 75, § 5; 2007, No. 176 (Adj. Sess.), § 14; 2011, No. 45, § 33; 2019, No. 71, § 10.)