|BILL AS INTRODUCED||2007-2008|
Introduced by Representative Branagan of Georgia
Subject: Taxation; property tax adjustment; cash payment for certain real estate closings
Statement of purpose: This bill proposes to continue the 2007 rule allowing cash payment of property tax adjustments for certain real estate closings.
AN ACT RELATING TO CASH PAYMENT OF CERTAIN PROPERTY TAX ADJUSTMENT CLAIMS
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 6066a(h) is added to read:
(h) Notwithstanding any other provision of law, for a residence transferred in any year after March 31 and before June 21, if the transferor notifies the commissioner of taxes of the transfer, in writing, no later than 4:30 p.m. on the last business day before June 21, and includes with the notice a copy of the property transfer tax return and proof of payment of the property transfer tax, the transferor's Social Security number, the property's school parcel account number, and any additional information which the commissioner may request, the commissioner shall not notify the municipality of a property tax adjustment amount for the property, and the commissioner shall pay the property tax adjustment amount to the transferor by July 15 of that year.
The Vermont General Assembly
115 State Street