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If you live in Connecticut and sell your home you may not have to pay capital gains when you sell like home owners in the rest of the country, but did you know you will have to pay "silent tax", the "Municipal Conveyance Tax"?  It robs home sellers of hard earned equity, and average of $2500 of equity.

For those of you who are not familiar with the issue, our state government and state leaders elected to have a “temporary hike” in this specific tax.  They made the promise that they would let the tax expire, or sunset in June of 2004.  Since that time, our Legislators have opted to ignore their promise and to continue to impose the tax by renewing it every year.  Once again, this hidden tax is set to expire in June of 2008.

We can get rid of this unfair tax, but more people need to speak up and let our legislators know that they need to live up to their promise to get rid of this "silent tax".   Now more than ever we need to preserve equity in our homes, not tax that equity.

So what can you do to help?  Visit My House My Money.  It is a great website with loads of great features for getting the word out.   You can contact your local and state officials, tell a friend, read and listen to various news reports, and more. 

Take a second to call or email your elected officials and help wipe out this driveway robbery! 

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If you or someone you know is thinking of buying or selling property in Connecticut or is looking to refinance their home in Connecticut -Please give Jon Sigler, Mortgage Banker (NMLS#119288) a call at 860-306-8029. Be sure to check out Jon's website www.4fhaloan.com and his blog.

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This is not an offer or commitment to lend. Articles, information and commentary are offered for informational purposes only, and should not to be relied on as legal, tax or financial advice. Consumers should retain their own legal, tax and financial professionals for such advice.

 
This post has been included in Connecticut Real Estate News

1 Comments on Municipal Conveyance Tax - Connecticut Residents Speak Out Against

APR
02
2008
Jon - thanks so much for bringing the petition around.  I was happy to sign it, and I've actually gotten other requests to sign from other agents.  It sounds like it may be getting some traction.
5:34am • #1

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