What is the Vermont Land Gains Tax?

The Vermont Land Gains Tax is a tax imposed on the profit gained from the sale of undeveloped land or unimproved property in Vermont. It is applicable to individuals, businesses, and organizations. The tax is based on the difference between the sale price and the adjusted basis of the property. The adjusted basis includes the original purchase price plus any expenses related to acquisition or improvements. The tax rate varies depending on the holding period, ranging from 10% to 60%. If the property is held for less than two years, the highest tax rate applies. The tax is payable within 30 days of the sale or transfer. Certain exemptions and exclusions apply, such as transfers within a family or between spouses. For further information, consult our website or contact the Vermont Department of Taxes.