Connecticut Conveyance Tax Change
Mansion Tax – Effective July 1, 2020
Effective July 1, 2020 the second tier of the mansion tax for residential real estate conveyances will go into effect. The Second tier is at the rate of 2.25% on the portion of such consideration in excess of $2,500,000.00.
CONVEYANCE TAXES FOR RESIDENTIAL DUE TO THE STATE OF CONNECTICUT
$800,000.00 or less 0.75%
Portion that exceeds $800,000.00 up to $2,500,000.00 1.25%
Portion that exceeds $2,500,000.00 2.25%
We are here to help. Please feel free to contact me with questions or concerns. Real Estate transactions are fraught with challenges today. Being prepared is the best defense. My expertise can help you prepare for such challenges. For more information contact me at (203) 544-9945 or beth@eedwardslaw.com.
Source: First American Title Insurance Company
