United States:
Changes To Connecticut Residential Real Property Transfer Tax
30 July 2019
Day Pitney LLP
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Transfers of residential property in Connecticut are generally
subject to real estate conveyance tax paid by the seller. The
current graduated tax rates are 0.75 percent of the purchase price
for conveyances of $800,000 or less and 1.25 percent on any portion
of the consideration in excess of $800,000. Effective July 1, 2020,
the tax on consideration in excess of $2.5 million will be 2.25
percent.
As a result of this change, the new mansion tax rate schedule
can be summarized as follows:
Amount of Consideration |
Mansion Tax Rate |
$800,000 or less |
0.75% |
Portion that exceeds $800,000 up to $2.5 million |
1.25% |
Portion that exceeds $2.5 million |
2.25% |
If the seller remains a Connecticut resident after a transfer
subject to the increased tax, the seller may be able to recoup some
or all of the taxes paid through income tax credits available
beginning in the third calendar year following the transfer.
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