In an attempt to spread out the sacrifices in the state budget, legislation just passed to raise the State Conveyance Tax. This affects you only when you sell your home. The new rate goes into effect on July 1. The city/town conveyance tax did not increase. Bridgeport's conveyance tax remains at .05%. If you have ever wondered how conveyance taxes are calculated, the next paragraph provides an explanation. You'll note that the state taxes the portion of a sale price above $800,000 at a higher rate, so the portion below $800,000 and the portion above $800,000 must be added together to figure out the total State Conveyance Tax.
PRIOR TO JULY 1, 2011
State Conveyance Tax (.05% to $800,000)
Calculated by multiplying the portion of sale price up to $800,000 x .005 then adding:
State Conveyance Tax (.1% portion of sale price above $800,000)
Calculated by multiplying the portion of the portion of sale price above $800,000 x .01
AFTER JULY 1, 2011
State Conveyance Tax (.075% to $800,000)
Calculated by multiplying the portion of sale price up to $800,000 x .0075 then adding:
State Conveyance Tax (.125% portion of sale price above $800,000)
Calculated by multiplying the portion of sale price above x .0125
Comments(0)