![]() Real estate and personal property taxes are due twice a year, on July 1st and January 1st. When calculating your tax based on your mill rate, divide your assessed value by 1,000 and multiply the result by your mill rate. Every $1,000 in assessed value is taxed at one mill rate. In Connecticut, municipalities levy property taxes in relation to mill rates. You can get assistance from a tax pro with state-specific knowledge if you use H&R Block Virtual. If you are looking for more state of Connecticut tax breaks, look no further. It is critical to consult your county government to determine the deadline for filing your property taxes. After you buy a home, you can have it escrowed, in which the seller will pay the real property taxes. Property owners in Connecticut are required by law to pay Connecticut property tax. It is the responsibility of the city and town governments in Connecticut to collect and distribute real property taxes. Owners of land, buildings, and other improvements must pay property tax on the value of their property or buildings in order to receive compensation. The state also has an estate tax, which is a tax on the transfer of property at death. The state does, however, have a real estate conveyance tax, which is a tax on the sale of property. ÂIf the legislature wonât make this rate permanent, we are at least asking them to extend the sunset clause on the rates until 2009,â Mr Rosenthal said.Connecticut is one of a handful of states that does not have a property tax. In fact, a review of conveyances since 1998 shows that home sales across the state actually increased since the step-up in conveyance tax rates was imposed. While Newtownâs loss would be slightly more than $500,000 if the conveyance tax rate is rolled back, Norwalk would lose $1.8 million, Stamford would lose $2.7 million, while Bridgeport and Danbury would each lose about $1 million.Īccording to supplemental documents provided by the CCM, the current rate increases have virtually no impact on the state housing market. âCities and towns use that conveyance tax money to replace previously lost or reduced state aid, support fire budgets, hire new police officers and teachers, pay for street lighting, help fund pension and insurance costs, and for many other uses.â ÂItâs revenue that municipalities need, and it was always intended for that purpose,â Mr Rosenthal said. But since then, state aid has increased, but funding for some of those municipal aid programs has never been restored to the pre-2003 levels.īristling at the notion supported by some developers and real estate professionals that the tax is a bonus for cities and towns, Mr Rosenthal countered that the conveyance funds were never intended to serve as a one-shot revenue. He pointed out that in order to blunt the impact of midyear budget cuts to municipalities in the 2002-2003 fiscal year, the General Assembly and the governor raised the local portion of the real estate conveyance tax. ÂWithout this revenue, we would have to raise property taxes, cut back local services, or both,â Mr Rosenthal said. In his comments, Mr Rosenthal called the increased conveyance tax schedule âa win-win proposition for the towns and the state.â He was joined at the press conference by fellow municipal leaders from across the state, including First Selectman Ken Flatto of Fairfield, and Mayors Melody Currey and Mark Boughton of East Hartford and Danbury, respectively. ![]() ![]() âA coalition of realtors, home builders, and developers have been fighting relentlessly to ensure the rates drop at the expense of local property taxpayers,â Mr Rosenthal said in his prepared remarks. If the state legislature fails to act to extend the expiration of the interim tax rate, or to permanently adopt the current rate, the conveyance tax will revert to $1.10 on every $1,000. Mr Rosenthal led a press conference in his capacity as president of the Connecticut Conference of Municipalities (CCM) to support the permanent adoption or continuation of a conveyance tax that levies a $2.50 premium on every $1,000 in real property transfers. Rosenthal Leads The Charge To Maintain Conveyance Tax Rateįirst Selectman Herb Rosenthal was in Hartford Thursday, February 1, defending a state tax program that has a half-million dollars in implications for Newtown, but could also cost other Connecticut towns and cities more than $40 million annually.
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