Propsed Buyer Tax Bill in CT....YIKES! We were just getting used to the Stimulus!

By
Real Estate Agent with Keller Williams Realty

Thanks President Obama for the $8000, I mean $7200 credit for first time buyers! Just how close is Massachusetts or New York or even New Jersey for that matter? Can I commute from there to work in Stamford?

CT has created Bill #6397 which is to tax buyers 1% and it is scheduled to go into effect July 1, 2009. Our sellers have a hard enough time understanding the conveyance tax...now a buyer purchase tax...for waterfront land, brownfields, and conservation? There are other restrictions but, the idea is clear...money needed and buyers are a nice target!

I just keep thinking of my credit perfect client that didn't have much of a down payment (they produced 5% and took out 2 mortgages as recently as 2/14/09) At least he had a little money after the closing to have the kitchen carpet  (25 yrs old!) pulled up so he could lay square vinyl pieces. If a bill like this becomes law, it will be harder and harder for buyers like him to buy...stimulus money or not!

Please get in touch with your elected officials and let them know we need to educate buyers about the benefits of "home ownership" in CT especially!

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