The state of Connecticut charges a conveyance tax (1/2% on first $800K and 1% on additional value) on the sale of a home. Also, the local town charges 1/4% and can charge an additional 1/4% if they are in an economic development zone. The tax is paid by the seller and is collected by the town clerk when the deed is filed. Here's the formula for calculating the tax due:

Sale Price: 0-$800,000, then (SP*.005) + 1% of the value >$800,000.

Example: Sale price of $475,000 (.005+.0025) = $3,562.50

Contact Rob via email at rob@tourrealtors.com or by phone at 860.796.4555 for questions regarding real estate tax issues.