2015 Changes to Vermont Property Transfer Tax Effective June 17

2015 Changes to Vermont Property Transfer Tax Effective June 17

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The Vermont legislature passed a new law last month implementing a Clean Water Surcharge of 0.2 percent on the value of most property subject to the 1.25 percent property tax rate. (32 V.S.A. § 9602a.)  The new law will affect real estate closings on or after June 17, 2015.  Revenue generated by the surcharge is deposited in the Clean Water Fund.

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.

http://www.vermontrealtors.com/2015/06/09/2015-changes-to-vermont-property-transfer-tax-returns/