Which of the following correctly describes Vermont's property transfer tax rate structure under 32 V.S.A. § 9602?
Correct Answer
B) 0.5% on the first $100,000 and 1.45% on the amount above $100,000 for principal residences; 1.25% on the first $100,000 and 1.45% on the amount above $100,000 for non-principal residences
Vermont imposes a tiered property transfer tax under 32 V.S.A. § 9602. For principal residences, the rate is 0.5% on the first $100,000 of the purchase price and 1.45% on any amount exceeding $100,000. For non-principal residences (such as investment properties or second homes), the rate is 1.25% on the first $100,000 and 1.45% on any amount exceeding $100,000. The tax is generally paid by the buyer at closing.
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