You can find more information about this tax credit, as well as the state and municipal conveyance tax, in this report from the Office of Legislative Research. Only state residents are eligible for the tax credit under state law. This credit is based on the amount they paid in conveyance tax at 2.25% rate. Tax Credit ReliefĬonnecticut allows taxpayers who pay conveyance tax at the 2.25% rate to claim a property tax credit against their state income tax liability. Some of the notable exceptions include foreclosures, transfers of property between spouses, and sale of property to qualified non-profit entities. ![]() State law includes some exceptions to the conveyance tax. 35%, and homes sold for over $1 million are taxed at. Homes sold for up to $1 million have a conveyance tax of. Stamford also imposes rates higher than the. ![]() They include Bloomfield, Bridgeport, Bristol, East Hartford, Groton, Hamden, Hartford, Meriden, Middletown, New Britain, New Haven, New London, Norwalk, Norwich, Southington, Thomaston, Waterbury, Windham. This means a $3 million sale would yield a $7,500 local conveyance tax.Ī select group of towns charge a higher rate of. Municipalities in Connecticut, including Greenwich, collect 0.25% percent of the selling price in conveyance tax for each property sale. It’s worth noting that the higher 2.25% rate on values over $2.5 million – dubbed the “mansion tax” – only recently took effect in July 2020.
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