The Vermont Pt 172 S form, officially known as the Property Transfer Tax Return, is a document required by the Vermont Department of Taxes when real estate is transferred in the state. This form collects essential information about the seller (transferor), buyer (transferee), and the property involved in the transaction. Completing this form accurately is crucial for ensuring compliance with Vermont's property transfer tax regulations.
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The Vermont Property Transfer Tax Return, commonly referred to as the Vermont Pt 172 S form, plays a crucial role in real estate transactions within the state. This form is essential for both sellers and buyers, as it facilitates the reporting of property transfers to the Vermont Department of Taxes. The form collects vital information about the transferor (seller) and transferee (buyer), including their names, addresses, and identification numbers. Additionally, it requires details about the property itself, such as its physical location, size, and whether it involves any exemptions from the property transfer tax. The form also prompts users to disclose the holding period of the property and the nature of the transfer, whether it involved conventional financing or other arrangements. Furthermore, it addresses any agricultural or managed forest land use programs that may apply to the property, ensuring compliance with state regulations. Completing the Vermont Pt 172 S form accurately is not only a legal requirement but also a key step in the property transfer process, ensuring that all parties are aware of their obligations and any potential tax implications.
Vermont Tax Forms 2023 - Any withholding amounts from W-2s must be attached to the return.
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Tax Exempt Form Vermont - The form contains provisions for good faith acceptance by the seller regarding the exemption claim.
Vermont Department of Taxes 133 State Street Montpelier, VT 05633-1401 Phone: (802) 828-6851
VT Form
VERMONT
PTT-172
PROPERTY TRANSFER TAX RETURN
For Town Use Only
*Required or Conditionally Required Field
A.
Web request key / Confirmation code
TRANSFEROR’S (Seller’s) INFORMATION
Entity TRANSFEROR Name
Federal ID Number
OR*
Individual TRANSFEROR Last Name
First Name
Initial
Social Security Number
TRANSFEROR Mailing Address Following Transfer*
Daytime Telephone Number
Line 2 for Mailing Address Following Transfer (if needed)
For Department Use Only
City*
State*
ZIP Code*
Foreign Country (if not United States)*
Email Address
B.
TRANSFEREE’S (Buyer’s) INFORMATION
Entity TRANSFEREE Name
Individual TRANSFEREE Last Name
TRANSFEREE Mailing Address Following Transfer*
C.
PROPERTY INFORMATION
Property Physical Location - Number and Street or Road Name*
Land Size (in acres)*
Check if sale did not involve land
City or Town*
SPAN*
Check if property is located in
multiple cities or towns*
D.
HOLDING PERIOD
Date Acquired by Transferor (mm dd yyyy)*
Date of this Closing (mm dd yyyy)*
Time Held*
_________ Years
_________ Months
E.
EXEMPTIONS
E1.
If transfer is exempt from Property Transfer Tax, enter exemption number (see quick reference guide) . E1. _________*
E2.
If sale was between family members, enter corresponding number (see quick reference guide). . . . . . . . E2. _________*
E2a. If Line E2 is “05,” enter description
E2a. _________________________________________*
E3.
Land Gains exemption number (see quick reference guide). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E3. _________*
(continued on next page)
*201722100*
Page 1 of 4
Form PTT-172
5454
* 2 0 1 7 2 2 1 0 0 *
Rev. 10/20
Transferee’s Name_____________________________________________________
Property Location _____________________________________________________
Date of this Closing____________________________________________________
*201722200*
* 2 0 1 7 2 2 2 0 0 *
F.
TRANSFER INFORMATION
F1.
How did the Transferor acquire this property? (see quick reference guide) . . . .
. . . . . . . . . . . .
. . . . . . . . F1. _________*
F1a.
If Line F1 is “04,” enter description
F1a. _________________________________________*
F2.
Interest conveyed in this transfer (see quick reference guide) .
. . . . . . . . . . . . .
. . . . . . . . F2. _________*
F2a.
If Line F2 is “07,” enter percent of interest here
. F2a. ________________ . _______% *
F2b.
If Line F2 is “08,” enter description
F2b. _________________________________________*
F3.
Type of building construction at time of transfer (see quick reference guide) . .
. . F3. ________ ________
_______*
F3a.
If Line F3 is “05,” enter number of units transferred . . .
. . . . . . . F3a. _________*
F3b.
If Line F3 is “06,” enter number of dwelling units transferred
. . . . . . . F3b. _________*
F3c.
If Line F3 is “20,” enter description
F3c. _________________________________________*
F4.
Was the transferee a tenant prior to this transfer?
. . . . . . . . . . . . . . .
. . . . . F4.
cYes*
cNo*
F5.
Financing
F5. cConventional/Bank*
cOwner Financing*
cOther*
F5c.
If Line F5 is “Other,” enter description
F5c. _________________________________________*
F6.
Do you intend to record this return with the Town/City within 60 days of the closing? . . F6.
G.
AGRICULTURAL / MANAGED FOREST LAND USE VALUE PROGRAM, 32 V.S.A. CHAPTER 124
G1.
Is all or part of the property being transferred enrolled in the Current Use
(Use Value Appraisal) Program?
. . . . . . . . . . . . . . . . . . . . . . .
G2.
To continue enrollment in the Current Use Program, the new owner must submit a
Current Use Application within 30 days of the recording date. Will the new owner
be submitting that application?
. . . . . . . . . . . . . . . . . . .
. . . . . . . .G2.
H.
H1.
Transferor’s use of property BEFORE transfer (see quick reference guide) . . .
. . . . . . . . H1. _________*
H1a. If Line H1 is “07,” “08,” or “09,” enter description. . . .
H1a.__________________________________________*
H2.
Transferee’s use of property AFTER transfer (see quick reference guide) . . . .
. . . . . . . . H2. _________*
H2a. If Line H2 is “07,” “08,” or “09,” enter description. . . .
H2a.__________________________________________*
H3.
Was the property rented BEFORE transfer?
. . . . . . . .H3.
H4.
Will the property be rented AFTER transfer?
. . . . . . . .H4.
H5.
Have development rights been conveyed separately?
. . . . . . . . . . . . . . . . .
H6.
Does the transferee hold title to any adjoining property?
. . . . . . . . . . . . . .
. . . . . . . H6.
H7.
Is the transferee a grantor’s revocable trust?
Page 2 of 4
*201722300*
* 2 0 1 7 2 2 3 0 0 *
I.
REAL ESTATE WITHHOLDING CERTIFICATION
I1.
The transferee certifies that 2.5% VT Income tax has been withheld from the purchase
price and will be remitted to the Vermont Commissioner of Taxes with
. . I1. cYes*
Form REW-171 within 30 days of the date of this closing
I2.
If Line I1 is “No,” enter the withholding exemption number (see quick reference guide)
I2. _________*
I2a. If Line I2 is “04,” enter Commissioner’s Certificate number
I2a. ___________________________*
J.
TAX CALCULATION
Tax on Special Rate Property
J1.
Portion of value eligible for special principal
residence rate (see instructions) . . . .
. . . . J1.
__________________________*
J2.
If transfer happened prior to July 1, 2011,
enter the portion of value eligible for a
special rate. (see instructions)
. . . . J2.
J3.
Total special rate value (Add Lines J1 & J2) .
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
.J3. ___________________________*
J4.
Tax due on portion of value eligible for special rate
(Multiply Line J3 by the tax rate of 0.005). . .
J4. ___________________________*
J5.
Only If Line E1 is “99”:
Enter any portion of value in excess
of $110,000 but below $200,000. . . .
. . . J5.
J6.
Tax due on exemption 99 for portion of value less than $200,000
(Multiply Line J5 by the tax rate of 0.0125 for exemption 99 only)
.J6. ___________________________*
J7.
Total due on portion of value eligible for special rates. (Add Lines J4 and J6) . . .
.J7. ___________________________*
Tax on General Rate Property
J8.
Value paid or transferred as defined
in 32 V.S.A. § 9601(6)
J9.
Value paid or transferred for personal
property
. . . J9.
J10.
Value paid or transferred for real property
(Subtract Line J9 from Line J8) . .
. . . . J10.
J11.
Enter amount from Line J3 above . .
. . . J11.
J12.
Enter amount from Line J5 above
. . . . J12.
J13.
Subtract Lines J11 and J12 from
Line J10
J14.
Tax due on portion of value subject to the General Rate (Multiply Line J13
by the tax rate of 0.0145 which includes a 0.002 surcharge for the Clean
Water Fund, 32 V.S.A. § 9602a) . .
. . . . . . . . .
J14. ___________________________*
Total Tax Due
J15.
Total Tax Due (Add Lines J7 and J14)
. . . . . . . . . . . . . . . . . . . . . . . .
J15. ___________________________*
Page 3 of 4
*201722400*
* 2 0 1 7 2 2 4 0 0 *
LOCAL AND STATE PERMITS AND ACT 250 NOTICE
This serves as notice that:
•The property being transferred may be subject to regulations governing potable water supplies and wastewater systems under 10 V.S.A. Chapter 64 and building, zoning and subdivision regulations;
•The property being transferred may be subject toAct 250 regulations regarding land use and development under 10 V.S.A. Chapter 151;
•The parties have an obligation to investigate and disclose knowledge regarding flood regulations affecting the property.
To determine if the property is in compliance with or exempt from these rules, contact the relevant agency. Contact information is provided in the instructions.
Transferor and Transferee state that the information submitted on this return is true, correct and complete to the best of their knowledge.
Prepared by (print or type) ____________________________________________ *
Preparer’s Address _________________________________________________ *
Preparer’s Email Address ______________________________________________ *
__________________________________________________________________
Preparer’s Telephone __________________________________________________ *
This section to be completed by Town or City Clerk
Book Number*
Page Number*
Grand List year*
Parcel ID Number
Date of Record*
Grand List Value
Grand List Category*
Comments, additional information, etc.
cDuplicate Return Suspected
cPortion of the Property Sold
cOriginal Return Waiting on Deed
ACKNOWLEDGMENT
Return received.
SIGNED__________________________________________________________________ , Clerk
DATE ______________________________________________
Town or City: Please forward the ORIGINAL form to the Vermont Department of Taxes within 30 days of receipt.
Do not redact the SSN/FEIN on the original.
* Please use the following numeric two-digit grand list category codes
Residential <6 Acres
01
Residential >6 Acres
02
Mobile Home/Un
03
Mobile Home/La
04
Seasonal <6 Acres
05
Seasonal >6 Acres
06
Commercial
07
Commercial Apt
08
Industrial
09
Utilities Elec
10
Utilities Other . . . . . . . . . . . . . . . 11
Farm . . . . . . . . . . . . . . . . . . . . . . 12
Other . . . . . . . . . . . . . . . . . . . . . . 13
Woodland . . . . . . . . . . . . . . . . . . 14
Miscellaneous . . . . . . . . . . . . . . . 15
Page 4 of 4
The Vermont Property Transfer Tax Return (PTT-172) form shares similarities with the Massachusetts Form ST-5, which is a Sales Tax Exempt Use Certificate. Both documents are utilized during property transactions to ensure proper tax compliance. The ST-5 form allows buyers to claim an exemption from sales tax on specific purchases, similar to how the PTT-172 identifies exemptions from property transfer tax. Each form requires detailed information about the parties involved, the nature of the transaction, and any applicable exemptions, ensuring transparency and accountability in tax matters.
Another document akin to the PTT-172 is the New York State Real Property Transfer Report (TP-584). This report is filed when real property is transferred in New York and serves to document the transaction for tax purposes. Like the PTT-172, it collects information about the transferor and transferee, property details, and any exemptions that may apply. Both forms are essential for ensuring that the correct taxes are assessed and collected, thus preventing potential tax liabilities for the parties involved.
The California Preliminary Change of Ownership Report (PCOR) is also comparable to the Vermont PTT-172. This document is required when real property changes hands in California. The PCOR collects similar information about the buyer and seller, including their identification and the specifics of the property being transferred. Both forms aim to provide tax authorities with essential information to facilitate accurate property tax assessments, thereby promoting compliance with state tax laws.
Additionally, the Florida Real Property Transfer Tax Return (Form DR-219) bears resemblance to the Vermont PTT-172. This form is used to report the transfer of real property in Florida and includes information about the parties involved and the nature of the transaction. Both documents require disclosure of exemptions and the calculation of applicable taxes, serving to ensure that tax obligations are met and documented correctly during property transfers.
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Finally, the Texas Form 50-114, the Texas Property Transfer Tax Return, is another document similar to the Vermont PTT-172. This form is utilized to report property transfers in Texas and collects information about the transferor, transferee, and property details. Both forms facilitate the assessment of property taxes and ensure compliance with state tax regulations, highlighting the importance of accurate reporting in real estate transactions.
Misconceptions about the Vermont Pt 172 S form can lead to confusion and errors in property transactions. Here are ten common misunderstandings, along with clarifications to help ensure accurate completion of the form.
This form applies to all types of property transfers, including commercial and industrial properties, not just residential ones.
Both the transferor (seller) and transferee (buyer) must provide their information on the form. This ensures that all parties are accurately represented.
Even if no property transfer tax is owed, the form is still required to document the transaction and any exemptions that may apply.
While personal information is collected, the form is a public document. Certain details may be accessible to the public under state law.
The form must be submitted within 60 days of the closing date. This allows for some flexibility in completing and filing the document.
Even transfers between family members must be reported on the form, although certain exemptions may apply. It’s important to indicate these exemptions correctly.
Currently, the Vermont Pt 172 S form must be submitted in paper format. Ensure that the original form is sent to the Vermont Department of Taxes.
While the form may seem simple, it contains specific requirements and exemptions that can be confusing. Consulting the quick reference guide is advisable.
Multiple copies may be necessary. One should be submitted to the Vermont Department of Taxes, and others may be required for local records.
A signature is necessary to certify that the information provided is true and accurate. This applies to both the transferor and transferee.