What Is Conveyance Tax?
Judy breaks out how much you can expect to pay the town and the state when you sell your house. If you're thinking about selling your house in CT, this is a video you must see!
What's a conveyance tax? We're going to break that down today.
So today, we're talking about conveyance tax. If you're a seller and you're thinking about selling your house, you want to make sure that you understand what conveyance tax is all about.
First of all conveyance tax in the state of Connecticut is divided into two parts: first of all you have the state part and that is $800,000 or below, if that's your sale price. You want to figure out that you're going to be paying three quarters of a percent (0.75%) to the state. Three quarters of a percent (0.75%) of the purchase price paid to the state. If you are above $800,000 in your selling price, then you want to figure that you're going to be paying the state 1.25% of the purchase price to the state. That is your conveyance tax.
Now of course the town also has a conveyance tax. In most towns, it's about a quarter of a percentage (0.25%) price. In 18 towns in the state of Connecticut, it's going to be more than a quarter of a percentage point. So in a town like Norwalk, for example, you're going to pay a half a percentage point and this is of the purchase price to the town of Norwalk. If you're in Stamford, for example, you're going to pay 0.35% of the purchase price to the town of Stamford.
When you're figuring out what your costs are, associated with selling your house, it's really important that you talk to a licensed real estate professional. We can help guide you through all the specifics when it has to do with fees so you know exactly how much you're going to take away from the sale of your house. So you can buy your dream house!
If you have any questions, please give me a call at 203-293-0039. I'm Judy Mitchell with the Judy Mitchell Group at William Pitt Sotheby's Realty in Southport. Thanks!