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H.772

Introduced by Representatives Botzow of Pownal, Clarkson of Woodstock, Donovan of Burlington, Edwards of Brattleboro, Haas of Rochester and Milkey of Brattleboro

Referred to Committee on

Date:

Subject:  Taxation; property transfer tax; graduated rates

Statement of purpose:  This bill proposes to create graduated rates for property transfer tax.

AN ACT RELATING TO GRADUATED PROPERTY TRANSFER TAX RATES

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  32 V.S.A. § 9602 is amended to read:

§ 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.  The amount of the tax equals two percent of the value of a single-family dwelling transferred with a value in excess of one million dollars, and one and one quarter one-quarter percent of the value of the any other property transferred, or $1.00, whichever is greater, except as follows:

* * *

Sec. 2.  EFFECTIVE DATE                                                         

This act shall apply to transfers on and after July 1, 2006.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us