VT Bar Practice Questions - Vermont Bar Examination Exam

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An owner of forested acreage in Vermont enrolls the land in the Use Value Appraisal ('Current Use') program under 32 V.S.A. Chapter 124, then later builds a residential subdivision on part of the parcel. What is the principal tax consequence of developing the enrolled land?

The owner owes a land use change tax equal to 10% of the fair market value of the developed portion The owner forfeits title to the developed portion to the State of Vermont The owner must pay back all prior years of property tax savings with interest There is no consequence because enrollment is purely voluntary and revocable at will

Correct Answer:

The owner owes a land use change tax equal to 10% of the fair market value of the developed portion

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