The state of Connecticut passed the Biennium Budget Bill for 2012-2013 and was signed by Connecticut Governor Dannel P. Malloy. The Bill included a .25% 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.
David Popoff is a license Realtor in Connecticut with William Raveis 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.