Connecticut Real Estate Conveyance Tax Increase ~ July 1st, 2011.
When state of Connecticut passed the state budget they made an increase in the Real Estate Conveyance Tax for all sellers as of July 1st, 2011. The Connecticut real estate conveyance tax is a tax imposed on the transfer of real property and paid by the seller to the state and local municipality. On residential homes the state conveyance tax has been 0.5% of the purchase price up to $800,000, and 1.0% on the amount in excess of $800,000. As of July 1st the tax will increase to .75% for the first $800,000 and 1.25 for anything in excess of $800,000.
Additionally, the local municipal tax, which has been 0.25%, will become the permanent tax rate on July 1st. It had been “temporary” increased from 0.11% in 2003. In lower Fairfield County there are only two towns, Stamford and Norwalk, in which the municipality conveyance tax is slightly higher (.35% and .5% respectively).
In practical terms, before July 1, 2011 the total conveyance tax on the sale of a $1 million dollar property would be $8,500. After July 1, 2011, that tax would go up to $11,000.
There are some exemptions to the conveyance tax, so please ask your attorney to see if you would qualify.
To view 2013 Connecticut Property Mill Rates go to --> Connecticut Property Tax Mill Rates ~ 2013.
David Popoff is a license Realtor in Connecticut with William Pitt Sotheby office in Darien. A resident of Fairfield County for over 40 years with 30 years of work experience throughout lower Fairfield County and now resides in Darien, Ct since 2004.
- Member of the Connecticut Association of Realtors, CAR.
- Member of the National Association of Realtors, NAR.
- Member of the Darien MLS, Greenwich MLS & Greater Fairfield County, Ct MLS.
- NAR Green designee.
- David Popoff is an accredited LEED Accredited Professional (LEED AP) Homes and USGBC member of the Connecticut chapter (CTGBC).
- Associate member and an accredited Certified Green Professional (CGP) of National Association of Home Builders (NAHB) and the local chapter HBRA-Fairfield County, Ct. .
- Contact David Popoff for all your real estate needs in lower Fairfield County, Connecticut.