finance

Current Use and Land Use Change Tax (Vermont)

Vermont's Use Value Appraisal program, called current use, lets owners of qualifying agricultural and managed forest land, generally at least 25 acres, pay property tax on use value instead of fair market value; two acres around a dwelling are excluded. Enrollment records a contingent lien that runs with the land. If enrolled land is developed, the owner owes a land use change tax of 10% of the full fair market value of the developed portion. Withdrawal alone, without development, does not trigger the tax.