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The Vermont Statutes Online

 

Title 32 : Taxation and Finance

Chapter 236 : TAX ON GAINS FROM THE SALE OR EXCHANGE OF LAND

(Cite as: 32 V.S.A. § 10003)
  • § 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.)