Laws & Taxes Affecting Real Estate in Vermont
What Vermont laws and taxes should you be aware of?
Here is a quick overview.
For an overview of Vermont-specific taxes and a link to online tax information, please click here:
Current Use Program
“Chapter 124 of Title 32 provides for a program which taxes farm and forest property according to its use value. The purpose of the chapter is to keep agricultural and forest land in production, and to slow development of these lands. Enrolled property must remain in agriculture, forest or conservation use to be taxed at use value. If the property is developed, a land use change tax will be due. If only a portion of the property is developed, the penalty will apply only to that portion.”
(Excerpted from http://tax.vermont.gov)
Act 250 was passed by the Vermont legislature in 1970 to control the amount and type of development in the state. As a result, the state closely watches development and requires permits for many different development scenarios.
The above is a very brief overview of some of Vermont’s laws and taxes. It is designed to give you a feel for what you can expect when buying or selling in our state. It is by no means all-inclusive.