|BILL AS INTRODUCED||2007-2008|
Introduced by Representatives Flory of Pittsford, Brennan of Colchester, Canfield of Fair Haven, Johnson of Canaan, Koch of Barre Town, Komline of Dorset, Krawczyk of Bennington, McAllister of Highgate, McDonald of Berlin, McNeil of Rutland Town, Oxholm of Vergennes, Peaslee of Guildhall, Shaw of Derby, Turner of Milton, Valliere of Barre City and Wright of Burlington
Subject: Taxation; education property tax; property tax adjustment; cash payments
Statement of purpose: This bill proposes to allow property tax adjustments to be paid in cash for certain homestead closings.
AN ACT RELATING TO CASH PAYMENT OF PROPERTY TAX ADJUSTMENTS FOR CERTAIN CLOSINGS
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 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 June 20 or, if June 20 is not a business day on the last business day preceding June 20, 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