A Vermont homeowner is considering enrolling her 80-acre woodlot in the Vermont Current Use Program. Her real estate licensee explains the program's key features. Which of the following statements about the Vermont Current Use Program is NOT accurate?
Correct Answer
D) Enrollment in the Current Use Program automatically exempts the property from the Vermont Property Transfer Tax upon sale
Option C is NOT accurate. Enrollment in Vermont's Current Use Program does not exempt the property from the Vermont Property Transfer Tax. The Property Transfer Tax (32 V.S.A. Chapter 231) applies to the transfer of real property in Vermont based on the consideration paid, and Current Use enrollment status has no bearing on whether the tax is owed. The two programs are entirely separate. The buyer still owes Property Transfer Tax at closing regardless of whether the land is enrolled in Current Use.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
Depreciation is an accounting method of allocating the cost of an asset over its useful life, allowing investors to deduct a portion of the asset's cost each year.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
- → The sales comparison approach to appraisal is most appropriate for which type of property?
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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