2013 Vermont Statutes
Title 32 Taxation and Finance
Chapter 231 PROPERTY TRANSFER TAX
§ 9601 Definitions

9601. Definitions

The following definitions shall apply throughout this chapter unless the context requires otherwise:

(1) "Deed" includes any deed, instrument, memorandum of deed, memorandum of lease, or other writing evidencing a transfer of title to property. "Deed" also means any agreement, instrument, or memorandum evidencing an agreement or instrument in which the grantee holds equitable title and is entitled to possession at any time during the term of the agreement and in which the grantor reserves legal title to the property for a period of time or until the grantee satisfies conditions specified in the agreement or instrument, including a bond for a deed, title bond, contract for sale, contract to convey, executory contract for sale, installment sale, and lease for a deed.

(2) "Person" means every natural person, association, trust, or corporation.

(3) "Title to property" includes:

(A) those interests in property which endure for a period of time the termination of which is not fixed or ascertained by a specific number of years, including without limitation, an estate in fee simple, life estate, perpetual leasehold, and perpetual easement; and

(B) those interests in property enduring for a fixed period:

(i) equal to or exceeding 50 years;

(ii) less than 50 years if, by reason of a grant of right to extend the term by renewal or otherwise, said interest may be extended to a period equal to or exceeding 50 years;

(iii) less than 50 years if there is granted a right to purchase the property and there is granted the right to construct on the property a building or structure or to make such major capital improvements as water systems, sewer systems, roads, or parking facilities.

(4) "Town clerk" means any town clerk, city clerk, county clerk, or other official whose duty it is to record deeds of property.

(5) "Transfer" includes a grant, assignment, conveyance, will, trust, decree of court or any other means of transferring title to property or vesting title to property in any person.

(6) "Value" means, in the case of any transfer of title to property which is not a gift and which is not made for a nominal consideration, the amount of the full actual consideration for such transfer, paid or to be paid, including the amount of any liens or encumbrances on the property existing before the transfer and not removed thereby; in the case of a gift, or a transfer for nominal consideration, "value" means the fair market value of the property transferred. "Value" shall not include the fair market value of private alternative energy sources as defined in section 3845 of this title.

(7) "Commissioner" means the Commissioner of Taxes or any officer or employee of the Department authorized by the Commissioner (directly or indirectly by one or more redelegations of authority) to perform the functions mentioned or described in this chapter.

(8) "Certificate" means a certificate of compliance, affirmation, or exemption which is a part of the property transfer return.

(9) "Commissioner of Health" means the Commissioner of Health appointed under 18 V.S.A. 104.

(10) "Property" means real property. The term does not include personal property transferred with real property.

(11) "Principal residence" means principal residence as defined in 32 V.S.A. 10002a, together with land that is beneath or directly contiguous to the dwelling and that is transferred with the dwelling. (Added 1967, No. 146, 1, eff. Jan. 1, 1968; amended 1969, No. 291 (Adj. Sess.), 13, eff. 60 days after April 9, 1970; 1971, No. 68, 1, eff. April 15, 1971; 1971, No. 168 (Adj. Sess.); 1975, No. 225 (Adj. Sess.), 2; 1975, No. 226 (Adj. Sess.), 1; 1979, No. 105 (Adj. Sess.), 35; 1981, No. 56, 1; 1987, No. 200 (Adj. Sess.), 1; 1989, No. 119, 20, eff. June 22, 1989; 1989, No. 222 (Adj. Sess.), 18, 19, eff. May 31, 1990.)