Vermont Statutes Annotated
Vt. Stat. Ann. tit. 32, § 10003 (2026)
Rate of tax
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(Cite as: 32 V.S.A. § 10003)
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§ 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.)
Notes of Decisions
Cited in 3
cases, 1974–1988 · leading case: Langrock v. Dep't of Taxes, 423 A.2d 838 (Vt. 1980).
Langrock v. Dep't of Taxes, 423 A.2d 838 (Vt. 1980). “32 V.S.A. § 10003. Appellant sold approximately four acres of land he had held between four and five years.”
Andrews v. Lathrop, 315 A.2d 860 (Vt. 1974). “One who has held his property for 71 months is subject to a tax on his profits in sale of between five per cent (5%) and ten per cent (10%), while a transferor, otherwise in the same circumstance, who has held his property 72 months pays no such tax.”
State v. Zinn, 552 A.2d 413 (Vt. 1988). “Taxpayers sold a 10-acre parcel of land to purchasers on October 16, 1981 in a sale which was subject to a land gains tax of $11,087, pursuant to 32 V.S.A. § 10003. However, since the purchasers certified that they would complete and occupy a principal residence within two…”
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