Sellers should get a better picture of the approximate proceeds from the sale of their property and laying out the numbers specific to conveyance taxes would be helpful. To simplify the Senate Bill No. 501, Public Act No.10-1 wherein Subsection (a) of Section 12-494 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2010):

 

Residential                                    Municipal Tax                         State Tax                         Total

 Purchase Price $800,000 or

    less but more than $2000               0.25%                                0.75%                                  1%                     

Portion over $800000                     0.25%                                     1.25%                               1.5%                   

 

The authority for certain designated municipalities, known as target investment communities, to impose an additional municipal real estate conveyance tax rate (at a rate of up to 0.25%) is still in effect. Targeted Investment communities include the towns of:

Bridgeport, Bristol,East Hartford, Groton, Hamden, Hartford, Meriden, Middletown, New Britain, New Haven, New London, Norwalk, Norwich, Southington,Stamford, Waterbury and Windham.  NOTE: Check with your lawyer or town if your property is within the designated municipalities.


Transactions exempted from conveyance taxes such as foreclosure by sale or deed in lieu of foreclosure is outlined under the Public Act No. 10-1

 

                   

        

 

 

 
This post has been included in Connecticut Real Estate News
Post is included in group: Realtors®

3 Comments on State and Municipal Real Estate Conveyance Tax Rate in Connecticut at a Glance

JAN
05
2012

Great blog and great job good luck this year and sell a lot of homes
7:12am • #1
491,975 Points 29 Featured Posts Outside Blog Called Shot Master

Thank you for the blog, getting the numbers right, when a transactions is being done, is very important, as you know.
7:42am • #2
151,247 Points 6 Featured Posts Outside Blog Called Shot Master

Maria, great explanation on conveyance taxes in Connecticut.  This is exactly the type of information we should be sharing with consumers.  Nicely done! BTW, I really like your new photo. :-)
8:40am • #3

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Maria Gilda Racelis"Home Buyer Advocate in CT" MBA,Broker,GRI,ABR,CDPE,SFR,CIPS

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Manchester, CT

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