Here are some important dates to keep in mind when buying and selling property:
Buying Property On or Before April 1
If you buy the property that you will use as your principal home, you are responsible for filing a homestead declaration on this property by the due date.
Selling Property On or Before April 1
If you filed Form HS-122, but sell the property on or before April 1, you are responsible for withdrawing the homestead declaration and property tax credit claim.
You will be responsible for repayment of a property tax credit if issued. Use Form HS-122W, Vermont Homestead Declaration and/or Property Tax Credit Withdrawal.
Please note: If you purchase, own and occupy a new home by April 1, you are the one responsible for filing Form HS-122 for your new home.
Selling Property After April 1
If you filed the Form HS-122, but sold the property after April 1, the property tax credit amount is allocated to the seller upon closing unless the parties agree otherwise. The property tax credit is your payment for the previous calendar year property taxes and needs to be considered at the closing when pro-rating the property taxes.