The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 32 : Taxation and Finance
Chapter 236 : Tax on Gains from the Sale or Exchange of Land
(Cite as: 32 V.S.A. § 10002a)-
§ 10002a. Principal residence
(a) “Principal residence” means a dwelling that, within one year prior to sale, was occupied as the domicile of the seller or that, within one year from the date of sale, will be occupied as the domicile of the purchaser. As used in this section, a domicile is the principal dwelling of a person domiciled in the State of Vermont.
(b) “Principal residence” includes any multi-family dwelling, not exceeding four units, if:
(1) the seller used at the time of sale at least one unit within such dwelling as his or her principal residence; or
(2) the purchaser will use at least one unit within such dwelling as his or her principal residence under the conditions of subsection 10002(b) of this title.
(c) “Principal residence” also means any dwelling used as the seller’s principal residence or that will be used by the purchaser as his or her principal residence under the conditions of subsection 10002(b) of this title, even though the resident also carries on or will carry on commercial activity in that dwelling. Commercial activity includes an office for the resident’s business or profession or a retail store. (Added 1987, No. 64, § 12, eff. June 1, 1987; amended 1989, No. 222 (Adj. Sess.), § 29, eff. May 31, 1990.)
