One closing cost that is required by the State of Vermont is the Vermont Property Transfer Tax. It is applied any time the deed of a Vermont property is transferred to a new owner, yet is hardly mentioned on any of the websites that breakdown Vermont closing costs. Here are a couple things you should know about the Vermont Property Transfer Tax.
The homebuyer pays the tax
When a home purchase closes, the home buyer is required to pay, among other closing costs, the Vermont Property Transfer Tax. The buyer is taxed is at a rate of 0.5% of the first $100,000 of the home’s value and 1.45% of the remaining portion of the value.