Get Vt Schedule Ptt-175 2023-2024

Overview. Property Transfer Tax is a tax on the transfer of title to real property in Vermont. The tax applies to both property transfers by deed and to acquisitions of a controlling interest in an entity with title to a property.

When real estate is sold in Vermont, state income tax is due on the gain from the sale, whether the seller is a resident, part-year resident, or nonresident. If the seller is a nonresident, the buyer is required to withhold 2.5% of the sale price and remit it to the Vermont Department of Taxes.

The Property Transfer Tax is a tax on the transfer by deed of title to real property in Vermont. A Property Transfer Tax Return must be filed with a Town Clerk whenever a deed transferring title to real property is delivered to them for recording.

A primary residence in Vermont pays at a varying rate – 0.5% on the first $100,000 in value and then 1.45% (really 1.25% transfer tax and 0.2% clean water fee) on the remaining value. Properties other than a primary residence pay the 1.45% on all value.

When a transfer is made by deed, the buyer or transferee is liable for the transfer tax.

Transfer Tax: The State of Vermont requires a transfer tax to be paid whenever there is a real estate purchase. This tax is payable by the buyer. The amount of the transfer tax is generally 1.45% of the purchase price.