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Conveyance tax is imposed on the transfer of real property at the state, county, or municipal level. The conveyance tax is also known as a real estate transfer tax. This tax is generally calculated as a percentage of the sale price.
Who pays conveyance tax in Connecticut?
Connecticuts Real Estate Conveyance Tax The seller pays the tax when he or she conveys the property. Municipal town clerks collect the tax and remit the state share to the state Department of Revenue Services (DRS) (CGS 12-494 et seq., as amended by PA 19-117, 337).
What is Chapter 223 of the Connecticut General statutes?
Chapter 223 - Real Estate Conveyance Tax. Section 12-494. - Imposition of tax on conveyances of real property for consideration. One part payable to state and the other to municipality in which paid.
What is the purpose of a conveyance?
A conveyance is the transfer and assignment of any property right or interest from one individual or entity (the conveyor ) to another (the conveyee ). This is usually accomplished through a written instrument - most often a deed - that transfers title to, or creates a lien on property.
What is the Connecticut conveyance tax statute?
83-1 provided for imposition of a conveyance tax, payable to the state on each deed or other instrument conveying lands, tenements or other realty at the rate of 0.5% of the purchase price for the interest in real property conveyed and for continuation of the existing conveyance tax payable to the municipality at the
The residential conveyance tax rate for the State of Connecticut is three quarters percent (0.0075%). The fee to record most documents on the land records is $60 for the first page and $5 for each additional page or if it is a MERS document $159. Property transfers reportable to the State require a $2 surcharge.
What is the difference between transfer tax and conveyance fee?
transfer fees are charged when a new owner purchases a property and are influence by the county, the school district and the local industry in the area. conveyance taxes are based on the purchase price of a property and are imposed on real property transfers at the state, county or municipal level.
Related links
Tax Information - CT.gov
Participating town clerks can use myCTREC to review and approve (or reject) electronically filed Connecticut Real Estate Conveyance Tax Returns. Once approved,
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