Real Estate Transactions: The conveyance tax has increased. When you sell your home, you will be required to pay a conveyance tax to the State of Connecticut and the City/Town where the property is located.
- The State conveyance tax had been .5% of the gross sales price.
- Effective as of July 1, 2011, the State conveyance tax rises to .75% of the gross sales price under $800,000.00.
- Here is an example. You sell your home for $350,000.00. Prior to July 1, the State conveyance tax would have been $1,750.00; now, the State conveyance tax will be $2,625.00.
- If the gross sales price exceeds $800,000.00, the State conveyance tax is 1.25% of the gross sales price above $800,000.00.
Although the State conveyance tax may have increased, we continue to provide affordable legal representation to individuals who are selling and/or buying homes. Feel free to contact us for a detailed description of our legal services.