CT Real Estate Conveyance Tax Rates Effective Until - June 30,2008*
|
Municipal Tax |
State Tax |
Total Tax |
| Residential |
|
|
|
| $800,000 or less |
0.25%** |
0.5% |
0.75% |
| Portion over $800,000 |
0.25%** |
1.0% |
1.25% |
| Non-Residential |
0.25%** |
1.0% |
1.25% |
| *On March 15, 2003 the Legislature increased the municipal conveyance tax from 0.11% to 0.25%. It was supposed to return to 0.11% on July 1, 2005, but the Legislature extended the sunset until June 30, 2008. |
| ** A local option for “targeted communities” allows the municipality to charge double the rate to 0.5%. The following Eastern Connecticut communities have adopted the increased tax: Groton, New London, Norwich, Windham |
Residential Examples
$300,000 Sale In Ledyard
- Municipal Tax = $300,000 x 0.25% = $750.00
- State Tax = $300,000 x 0.5% = $1,500.00
- Total Tax = $2,250.00
$300,000 Sale In Norwich (Targeted Community)
- Municipal Tax = $300,000 x 0.5% = $1,500.00
- State Tax = $300,000 x 0.5% = $1,500.00
- Total Tax = $3,000.00
$1,000,000 Sale In Ledyard
- Municipal Tax = $1,000,000 x 0.25% = $2,500.00
- State Tax = $800,000 x 0.5% = $4,000.00
- State Tax = $200,000 x 1.0% = $2,000.00
- Total Tax = $8,500.00
$1,000,000 Sale In Norwich (Targeted Community)
- Municipal Tax = $1,000,000 x 0.5% = $5,000.00
- State Tax = $800,000 x 0.5% = $4,000.00
- State Tax = $200,000 x 1.0% = $2,000.00
- Total Tax = $11,000.00
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