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Fill in Your Vermont Pt 172 S Form

The Vermont Pt 172 S form, also known as the Property Transfer Tax Return, is a document required when real estate is transferred in Vermont. This form collects essential information about the transferor (seller) and transferee (buyer), as well as details about the property itself. Completing this form accurately is crucial for ensuring compliance with Vermont's property tax regulations.

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The Vermont Property Transfer Tax Return, commonly referred to as Form PTT-172, plays a crucial role in the real estate transaction process within the state. This form is essential for both buyers and sellers, as it facilitates the reporting of property transfers to the Vermont Department of Taxes. It requires detailed information about the parties involved, including the transferor (seller) and transferee (buyer), as well as specifics about the property being transferred. Key sections of the form include property location, size, and the holding period, which indicate how long the transferor has owned the property. Additionally, it addresses any exemptions that may apply, such as transfers between family members or those qualifying for agricultural use. The form also incorporates sections for tax calculations, ensuring that the appropriate property transfer tax is assessed based on the value of the transaction. Furthermore, the PTT-172 includes important certifications regarding withholding taxes and compliance with local and state regulations, thereby ensuring transparency and adherence to legal requirements. Completing this form accurately is vital, as it impacts both the financial and legal aspects of property ownership in Vermont.

⇩ Vermont Pt 172 S PDF Form

Dos and Don'ts

When filling out the Vermont Pt 172 S form, there are several important guidelines to follow. Here’s a list of what you should and shouldn’t do:

Do ensure all required fields are completed. Missing information can delay processing.
Do double-check the spelling of names and addresses. Accuracy is crucial for proper record-keeping.
Do provide a valid email address. This allows for easier communication with the tax department if needed.
Do review the quick reference guide for exemption numbers. Using the correct numbers can impact your tax obligations.
Don’t leave any fields blank unless they are marked as optional. Each piece of information is important.
Don’t forget to sign and date the form. An unsigned form may not be accepted.

Following these guidelines will help ensure that your form is completed correctly and efficiently. It’s always better to take your time and verify the details before submission.

Similar forms

The Vermont Property Transfer Tax Return (PTT-172) is similar to the Massachusetts Form 3, which is used for reporting the sale of real estate in Massachusetts. Both forms collect essential information about the transferor and transferee, including their names, addresses, and tax identification numbers. They also require details about the property being transferred, such as its location and size. Additionally, both forms facilitate the calculation of any applicable taxes due on the transfer, ensuring compliance with state tax regulations.

Another document comparable to the PTT-172 is the New York State Real Property Transfer Report (TP-584). This form serves a similar purpose by documenting property transfers and assessing tax obligations. Like the PTT-172, it gathers information about the buyer and seller, property details, and any exemptions that may apply. The TP-584 also includes sections for the calculation of transfer taxes and requires signatures from both parties, reinforcing the legal validity of the transaction.

The Texas RV Bill of Sale form serves as a legal document, illustrating the sale and purchase of a Recreational Vehicle (RV) within the state of Texas. It not only provides proof of ownership but also details the transaction between the buyer and the seller. This document is crucial for the transfer of the title and registration of the RV. For more information, you can visit TopTemplates.info.

The California Preliminary Change of Ownership Report (PCOR) shares similarities with the Vermont PTT-172 as well. This document must be filed whenever a change in property ownership occurs in California. Both forms require information about the parties involved in the transaction, property characteristics, and any exemptions. The PCOR is particularly focused on assessing property tax implications, similar to how the PTT-172 addresses the Vermont Property Transfer Tax.

In Illinois, the Real Estate Transfer Declaration (PTAX-203) serves a function akin to the PTT-172. This form collects information about the transferor, transferee, and the property involved in the transfer. It also includes sections for tax calculations and exemptions. The PTAX-203 is crucial for determining tax liability and ensuring compliance with local tax laws, paralleling the objectives of the Vermont form.

The Florida Real Property Transfer Tax Declaration (Form DR-219) is another document that resembles the Vermont PTT-172. This form is used to report the transfer of real property in Florida and includes sections for both parties’ information, property details, and tax calculations. Both forms serve to document the transaction and facilitate tax compliance, making them essential for real estate transactions in their respective states.

Lastly, the Texas Form 50-114, known as the Texas Property Transfer Tax Affidavit, is similar to the Vermont PTT-172 in its purpose and structure. This form requires information about the seller, buyer, and property being transferred. It also addresses tax exemptions and calculations. The Texas form, like the PTT-172, is designed to ensure that all relevant tax obligations are met during the transfer of property ownership.

Common mistakes

Failing to provide accurate personal information for both the transferor and transferee. This includes names, Social Security numbers, and addresses.
Not checking all required fields. Each section has mandatory fields that must be completed for the form to be valid.
Overlooking the exemption numbers. If the transfer qualifies for an exemption, entering the correct exemption number is crucial.
Providing incorrect dates for acquisition and closing. These dates must be accurate to avoid complications.
Neglecting to include contact information. A valid daytime telephone number and email address are essential for communication.
Not indicating if the property is located in multiple towns. This can affect tax calculations and jurisdiction.
Forgetting to sign the form. A signature is required to certify that the information provided is true and correct.
Miscalculating the tax due. Ensure that all calculations are accurate to prevent future liabilities.
Failing to submit the form within the required timeframe. The form must be submitted within 30 days of the closing date.
Not keeping a copy of the submitted form for personal records. Retaining a copy can be helpful for future reference.

Document Preview

Vermont Department of Taxes 133 State Street Montpelier, VT 05633-1401 Phone: (802) 828-6851

	VT Form	VERMONT
	PTT-172	VERMONT
	PTT-172	PROPERTY TRANSFER TAX RETURN

For Town Use Only

*Required or Conditionally Required Field

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

TRANSFEREE’S (Buyer’s) INFORMATION

Entity TRANSFEREE Name

Federal ID Number

OR*

Individual TRANSFEREE Last Name

First Name

Initial

Social Security Number

TRANSFEREE 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

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*

HOLDING PERIOD

Date Acquired by Transferor (mm dd yyyy)*

Date of this Closing (mm dd yyyy)*

Time Held*

_________ Years

_________ Months

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.					cYes*	cNo*

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					cYes*	cNo*
		(Use Value Appraisal) Program?		. . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . .	G1.	cYes*	cNo*
	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					cYes*	cNo*
		be submitting that application?		. . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . .	. . . . . . . .G2.	cYes*	cNo*

H.	TRANSFER INFORMATION
	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.	cYes*	cNo*
	H4.	Will the property be rented AFTER transfer?			. . . . . . . . . . . . .	. . . . . . . .H4.	cYes*	cNo*
	H5.	Have development rights been conveyed separately?			. . . . . . . . . . . . . . . . .	H5.	cYes*	cNo*
	H6.	Does the transferee hold title to any adjoining property?			. . . . . . . . . . . . . .	. . . . . . . H6.	cYes*	cNo*
	H7.	Is the transferee a grantor’s revocable trust?			. . . . . . . . . . . . .	H7.	cYes*	cNo*

5454

(continued on next page)

For Town Use Only

Form PTT-172

Page 2 of 4

Rev. 10/20

Transferee’s Name_____________________________________________________

Property Location _____________________________________________________

Date of this Closing____________________________________________________

*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*	cNo*
		Form REW-171 within 30 days of the date of this closing			. . I1. cYes*	cNo*
	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)	J8.	__________________________*
	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	J13.	__________________________*
	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. ___________________________*

5454

(continued on next page)

For Town Use Only

Form PTT-172

Page 3 of 4

Rev. 10/20

Transferee’s Name_____________________________________________________

Property Location _____________________________________________________

Date of this Closing____________________________________________________

*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*

City or Town*	Parcel ID Number	Date of Record*

Grand List Value	Grand List Category*	SPAN*

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

5454

Seasonal >6 Acres	06
Commercial	07
Commercial Apt	08
Industrial	09
Utilities Elec	10
For Town Use Only

Utilities Other . . . . . . . . . . . . . . . 11

Farm . . . . . . . . . . . . . . . . . . . . . . 12

Other . . . . . . . . . . . . . . . . . . . . . . 13

Woodland . . . . . . . . . . . . . . . . . . 14

Miscellaneous . . . . . . . . . . . . . . . 15

Form PTT-172

Page 4 of 4

Rev. 10/20

Documents used along the form

The Vermont PTT-172 Property Transfer Tax Return is a key document used during real estate transactions in Vermont. However, there are several other forms and documents that are often required or recommended to accompany this form. Understanding these documents can help ensure a smooth transaction process.

Vermont Form REW-171: This form certifies that the appropriate income tax has been withheld from the purchase price of the property. It must be submitted within 30 days of the closing date.
Current Use Application: If the property is enrolled in the Current Use Program, the new owner must submit this application within 30 days of the recording date to continue the program's benefits.
Arizona Transfer-on-Death Deed: This document allows property owners to pass their real estate to beneficiaries without probate, facilitating a smoother transition. More information is available at https://arizonapdf.com/transfer-on-death-deed.
Property Deed: This legal document conveys ownership of the property from the seller to the buyer. It must be recorded with the local town or city clerk after the sale.
Title Insurance Policy: This policy protects the buyer against any future claims on the property’s title, ensuring that the buyer has clear ownership.
Property Disclosure Statement: Sellers are often required to provide this document, which outlines any known issues or defects with the property. It helps buyers make informed decisions.
Purchase and Sale Agreement: This contract outlines the terms of the sale, including the price, closing date, and any contingencies. It serves as a binding agreement between the buyer and seller.
Local Zoning Permits: Depending on the property’s location and intended use, local zoning permits may be necessary. These documents ensure that the property complies with local regulations.
Act 250 Permit: For properties subject to Vermont's land use and development regulations, this permit may be required. It ensures compliance with environmental and development standards.

In summary, while the Vermont PTT-172 form is essential for property transfers, it is often accompanied by various other documents that play crucial roles in the transaction process. Being aware of these forms can help both buyers and sellers navigate the complexities of real estate transactions in Vermont more effectively.

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