If more than two grantors/sellers, check here. Location of property conveyed (number and street) 3.
#CLINTON CT REAL ESTATE CONVEYANCE TAX CODE#
After July 1st the state tax would be $38,500 as calculated in the chart below.ĬACACE, TUSCH & SANTAGATA is here to answer any questions you may have regarding any and all real estate issues. 04/15) OP-236 Real Estate Conveyance Tax Return For Town Clerk Use Only Town Code Land Record Vol. However, if you sell your home for $3,000,000, the new tiered tax rate would apply to the sale. 2020 Connecticut General Statutes Title 12 - Taxation Chapter 223 - Real Estate Conveyance Tax Section 12-498. 25% of the purchase price.Įffective, July 1, 2020 there will be three (3) tiers for the rate payable to the State of Connecticut:Īny portion that exceeds $800,000 up to $2,500,000: 1.25%Īny portion that exceeds $2,500,000: 2.25%įor example, if you sell your home for $800,000, you will pay the state a conveyance tax of $6,000. Eighteen (18) municipalities are permitted to charge a higher percentage than the standard rate of. Different municipalities charge different rates. In Connecticut conveyance tax must be paid at the closing to both the state and the to the municipality where the property is located. There are twenty-two (22) types of transactions that are exempt from conveyance taxes, but typical sales for value will require the seller to pay the tax. What is a real estate conveyance tax? It is a transfer tax usually paid by the seller at the time title to the property is conveyed to the buyer. If you are closing on June 30 but not recording until July 1, then the new state conveyance tax will apply. If you are a seller and wish not to pay the increase in the conveyance tax, then your sale must be recorded no later than June 30. (a) There is imposed a tax on each deed, instrument or writing, whereby any lands, tenements or other realty is granted, assigned, transferred or otherwise conveyed to, or vested in, the. One part payable to state and the other to municipality in which paid.
INCREASE OF STATE CONVEYANCE TAX IN CONNECTICUT EFFECTIVE JULY 1, 2020 Imposition of tax on conveyances of real property for consideration.
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