ARTICLE ON CHANGES TO VERMONT PROPERTY TRANSFER TAX RETURNS

DEPARTMENT OF TAXES

CHANGES TO VERMONT PROPERTY TRANSFER TAX RETURNS

Important changes made by the legislature, effective July 1, 2013 to Vermont Property Transfer Tax Returns.  These changes are of particular interest to town clerks and attorneys for their work with property owners as a few requirements have been discontinued.  New forms should be available the fall of 2013.

What is a Property Transfer Tax Return?
A property Transfer Tax Return must be filed with the town clerk whenever a deed showing the transfer of real property is given to the town clerk for recording.  The tax is a percentage of the sales price, typically a rate of 1.25% of the total sales price.

Certain information about the property must be provided in order for the recording of the deed to take place and the tax to be paid.  This includes details about the transfer such as the following:  the acreage and date of closing; the usage of the property before and after the transfer; the price paid; and other details.

Changes Related to Local and State Permits and Act 250 Certificates.
As of July 1, 2013, the certifications and disclosure related to Local and State Permits and Act 250 Certificates are no longer required as part of the transfer tax return.

However, the return will include a notice that the property may be subject to the following Act 73, Sec.44.  32 V.S.A.§ 9606:

  • Regulations governing potable water supplies, and wastewater systems under 10 V.S.A. Chapter 64;
  • Building, zoning, and subdivision regulations; and
  • That parties have an obligation to investigate and disclose knowledge regarding flood regulations affecting the property.

Change Related to Signature Requirement
The buyer and seller no longer need to provide written signatures as part of the transfer.  This includes paper and electronic returns via the Vermont Department of Taxes Property Transfer Tax Return system (ePTTR) at www.tax.vermont.gov.  These are for returns filed on or after July 1, 2013, with the municipality regardless of transfer date and form version.  Not having to obtain signatures makes the electronic ePTTR system easier to use and enables returns to be filed without delay.

Filing and Paying via the ePPTR Online Website
The online website for filing and paying the Property Transfer Tax Return is found at:

https://secure.vermont.gov/TAX/pttr/

The site may be accessed by buyers, sellers, town clerks, and other people authorized to submit information about a property being transferred.

Remember that for booklet returns, social security and federal identification numbers are required only on the state’s copy of the return.  Be sure to redact those numbers from the town copy only.

To order additional booklets and forms, call 802-828-2515 or email the request to:

taxforms@state.vt.us

For more specific information about elements of the Property Transfer Tax Return process, contact the Tax Department Division of Property Valuation and Review (PVR) at (802) 828-5860, ext.31.

Disclaimer:  The article and facts is intended to provide an overview only.  Vermont tax statute, regulations, Vermont Department of Taxes rulings, or court decisions supersede information provide in this article/facts.
Iss. 07-01-2013 • Exp. 6-30-2014 • Pub. FS-1008

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