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Committee asks tax department to clarify property-classification and second-home definitions
Summary
The tax department was asked to flesh out definitional options and reporting requirements for new property classifications, including how to define second homes for a property-transfer surcharge, and to provide recommendations to reduce administration ambiguity.
Members of the conference committee asked the Vermont Department of Taxes to provide definitional options and implementation guidance for property classifications and the second-home property-transfer surcharge included in Senate draft language.
Committee members said prior experience administering a transfer surcharge for second homes produced ‘‘fuzzy’’ cases — for example, disputes over whether a dwelling is fit for year-round…
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