Your First 30 Days as a Vermont Homeowner, here's what you should know.....

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Your First 30 Days as a Vermont Homeowner: License, Registration, and Taxes

Buying a home in Vermont is an exciting milestone. But once the keys are in your hand, there are a few important administrative tasks that should move to the top of your list.

From updating your driver's license and vehicle registration to understanding Vermont property taxes, your first few weeks as a homeowner are a good time to get everything organized.

If you recently bought a home in Vermont, here is a practical look at some of the things you should know during your first 30 days.

1. Update Your Vermont Driver's License

If you have moved to Vermont from another state and established residency, you will need to obtain a Vermont driver's license.

The Vermont Department of Motor Vehicles says new residents must obtain a Vermont driver's license within 60 days of moving to the state. If your out of state license expires before that deadline, you must obtain your Vermont license before it expires.

You will need documentation to establish your identity and Vermont residency when applying.

If you are already a Vermont resident and simply purchased a new home within the state, you may still need to update your address with the Vermont DMV.

It is worth taking care of this early so your identification, vehicle records and other official information reflect your current address.

2. Register Your Vehicle in Vermont

If you moved to Vermont with a vehicle that is registered in another state, vehicle registration should also be on your first month checklist.

New Vermont residents generally have 60 days to register their vehicle in Vermont after establishing residency, unless the existing out of state registration expires sooner. In that case, the Vermont registration requirement may apply sooner.

You will generally need the appropriate registration application, vehicle title or lienholder information, proof of insurance and payment of the required fees.

There is another important step to remember.

After registering a vehicle, Vermont requires vehicles without a valid Vermont inspection sticker to be inspected within 15 days at a Vermont licensed inspection station.

If you have just moved into your new Vermont home, put your vehicle registration and inspection on your calendar so they do not get overlooked during the excitement of moving.

3. Understand Your Vermont Property Taxes

Property taxes are one of the biggest ongoing expenses associated with homeownership.

In Vermont, property taxes help fund local services and education. Property taxes are administered at the municipal level, meaning payments are made directly to the town where the property is located.

When you purchase a home, take some time to review your property tax bill and understand:

• Your annual property tax amount

• Your municipality's payment schedule

• Your property's assessed value

• The education property tax portion

• The municipal property tax portion

• Whether your home qualifies as a Vermont homestead

You can learn more about Vermont property taxes through the Vermont Department of Taxes.

Understanding these details early can help you avoid surprises later.

4. Learn About the Vermont Homestead Declaration

If your new Vermont property is your principal residence, the Vermont Homestead Declaration is especially important.

Vermont requires qualifying homeowners to file a Homestead Declaration annually. A Vermont homestead generally means the home and surrounding land that you own and occupy as your domicile.

The declaration matters because Vermont uses different education property tax rates for homestead and nonhomestead properties.

One important date to remember is April 1.

If you purchase, own and occupy your Vermont home as your principal residence on or before April 1, you are generally responsible for filing the Homestead Declaration for that property.

If you purchase the property after April 1, the rules are different, and you may wait until the following year to file if the property qualifies as your homestead.

You can review the state's guidance on buying and selling property in Vermont for more information.

Because property tax rules can change and individual circumstances vary, it is always a good idea to confirm your situation with the Vermont Department of Taxes or your tax professional.

5. Check Your Closing Documents

Your closing paperwork contains information that can be useful during your first few weeks as a homeowner.

Keep your closing statement, purchase documents, title information, property tax information and other important records somewhere safe.

Your closing documents may also help you understand how property taxes were handled at closing and whether taxes were prorated between you and the seller.

If you are unsure about something in your closing documents, contact your real estate professional, attorney or closing company before making assumptions.

6. Update Your Address

Buying a home is also a good opportunity to update your address everywhere it matters.

Consider updating your address with:

• The DMV

• Your bank

• Credit card companies

• Insurance providers

• Your employer

• The postal service

• Medical providers

• Schools

• Subscription services

• Government agencies

• Utility providers

Updating your address early can prevent important documents and bills from going to your previous address.

7. Review Your Homeowners Insurance

Before settling completely into your new home, review your homeowners insurance policy.

Make sure you understand what is covered and what your deductible is.

It is also worth checking whether your coverage reflects any unique features of your Vermont property, such as outbuildings, recreational equipment, wood burning systems or other structures.

Keep your insurance information somewhere accessible in case you need it.

8. Create a Homeowner File

Your first month is also the perfect time to create a dedicated file for your new home.

Keep copies of important documents such as:

• Purchase and closing documents

• Homeowners insurance

• Property tax bills

• Mortgage information

• Warranty documents

• Inspection reports

• Repair records

• Utility information

• Contractor information

• Appliance manuals

This information can become extremely useful when you need to make a repair, file an insurance claim or eventually sell the property.

Your First 30 Day Vermont Homeowner Checklist

Here is a simple checklist to keep nearby:

First Week

• Set up utilities and services

• Confirm homeowners insurance

• Secure your closing documents

• Update your mailing address

• Locate your property tax information

First 30 Days

• Update your Vermont driver's license if required

• Register your vehicle if you are a new Vermont resident

• Complete your vehicle inspection if required

• Review your property tax bill

• Understand your Homestead Declaration requirements

• Organize your home documents

• Update your address with important accounts

Enjoy Your New Vermont Home

There is plenty to think about after buying a home, but you do not need to handle everything at once.

Start with the essentials, keep your important documents organized and pay attention to the deadlines that apply to your situation.

Most importantly, take some time to enjoy becoming a Vermont homeowner.

Whether you purchased your first home, moved to Vermont from another state or bought a property as an investment, having the right information can make the transition much easier.

Thinking About Buying a Home in Vermont?

If you are considering purchasing a home in Vermont, having an experienced local real estate professional on your side can make the process easier from the search through closing and beyond.