Vermont Statutes Title 32 Sec. 10003
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Terms Used In Vermont Statutes Title 32 Sec. 10003
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- land: is a ny land up to 10 acres, with the modification permitted by subsection (c) of this section, acquired by a person who will build on that land a house that, by the next succeeding sale, will be the principal residence of the occupant when the person purchases from the person who built the house. See
§ 10003. Rate of tax
The tax imposed by section 10001 of this title shall be based upon the years held at the following rates on the gain, as gain is determined under section 10005 of this title:
| Years land held by | *Gain, as a percentage | ||
|---|---|---|---|
| transferor | of basis (tax cost) | ||
| 0-99% | 100-199% | 200% or more | |
| Less than 4 months | 60% | 70% | 80% |
| 4 months, but less than 8 | 35% | 52.5% | 70% |
| 8 months, but less than 1 year | 30% | 45% | 60% |
| 1 year, but less than 2 | 25% | 37.5% | 50% |
| 2 years, but less than 3 | 20% | 30% | 40% |
| 3 years, but less than 4 | 15% | 22.5% | 30% |
| 4 years, but less than 5 | 10% | 15% | 20% |
| 5 years, but less than 6 | 5% | 7.5% | 10% |
* Gain, as percent of basis, shall be rounded to the next highest whole percentage. A single flat rate of tax shall apply to all of the gain and shall be determined by the percentage that the entire gain is of the basis (tax cost). (Added 1973, No. 81, § 8, eff. May 1, 1973; amended 1987, No. 64, § 8, eff. June 1, 1987.)