Local Realtors Mobilize To Support Home Sellers
Local Realtors Mobilize To Support Home Sellers
Robert Morey of William Pitt Sothebyâs International Realty reports that a delegation from the Newtown Board of Realtors attended the annual Realtors At The Capitol event in Hartford on March 21. The local realtors met with state legislators to discuss several issues of concern to homebuyers and sellers, particularly the real estate conveyance tax.
The real estate conveyance tax taxes the sale price on real estate, payable to the municipality and to the state of Connecticut. On an average home selling at $300,000, according to information from Mr Morey, that tax costs the seller about $3,000 and must be paid at closing.
The real estate conveyance tax was first imposed in the 1960s at a rate of 0.11 percent, with additional state taxes added in 1983. In 2003, the legislature made temporary increases that more than doubled the rate in most towns, and tripled it in other communities.
The position of local realtors is that homeowners have earned the equity in a home and should keep it and that having paid property taxes, an additional tax to sell that home should not be incurred.
The higher taxes, Mr Morey said, were to end in June 2004, but the General Assembly voted twice to postpone the deadline. The tax is now scheduled to be ended on June 30. Local realtors support the end of this tax and will urge representatives to vote to allow the tax to expire on June 30.
For more information on the real estate conveyance tax and to contact a local state representative, visit theinvisibletax.com.