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Real Estate Conveyence Tax Update


by turfgrrl


May 30th, 2007 · 4 Comments

This tucked into a longish inside baseball article about last night’s CT Senate vote on the budget.

In another tax hike, some real estate agents are upset that the Democratic majority is supporting a permanent increase in the real estate conveyance tax, which had been increased during a budget crisis in 2003 and then extended since then.

“It is disappointing and frustrating that at the same time legislative leaders are touting a plan to enact a middle-class tax break, they are approving a hidden, regressive tax on home sales that hurts the elderly and growing numbers of people selling homes at a loss,” said Robert Fiorito, former president of the Connecticut Association of Realtors.

“In this year when proposals for aid to municipalities are at an all-time high, it is difficult to understand why lawmakers cannot allow these temporary increases in the conveyance tax that were meant to make up for lack of state aid to towns and cities, end as planned.”

The Connecticut Conference of Municipalities, led by lobbyists James Finley and Gian-Carl Casa, have been pushing consistently for the conveyance tax for years as an important source of revenue for municipalities.

source: Courant, A Tax Uprising Falls Short: Democrats Can’t Reach Veto-Proof Majority, By CHRISTOPHER KEATING, And MARK PAZNIOKAS, May 30, 2007

Tags: CT Senate · Economy · In the News

4 Responses so far ↓ “Real Estate Conveyence Tax Update”



  • 1 L'arlequino // May 30, 2007 at 9:20 am

    Is the conveyance tax being used by the City to reduce property taxes? If not, what is it being used for?

  • 2 Mike Lyons // May 30, 2007 at 9:22 am

    The conveyance tax increases taxes on one group of homeowners (those selling their homes), in order to hold down the increase of taxes on another group of homeowners (those not selling their homes).

  • 3 L'arlequino // May 30, 2007 at 9:28 am

    I understand that is the purpose. But is it being done? Are the funds being used to reduce increases or something else?

  • 4 Mike Lyons // May 30, 2007 at 9:49 am

    Yes, it is. The BET is already squeezing spending down pretty hard, so if the conveyance tax wasn’t there, the general property tax rates would definitely be higher.