Categorized | CT Real Estate

Attention: Buyers, Sellers and Realtors!

Attention: Buyers, Sellers and Realtors!

Our state lawmakers continue to come back to the well to solve the budget problems through anti-housing legislation. They unfairly burden Connecticut buyers and sellers with taxes. Here is the latest challenge that will severely impact the housing market and potentially cripple the real estate industry. We need your action to prevent this bill from being passed.

An alert from the Connecticut Association of Realtors:

The General Assembly is considering ANOTHER increase in real estate conveyance taxes – this time on homebuyers!

Senate Bill 1019 calls for a new, 1% tax on the purchase price of property in excess of $150,000. [$8,500 tax on a $1,000,000 home – due at closing!] Governor Malloy and the General Assembly have already imposed a 50% increase in the conveyance tax on sellers in the budget signed on May 4.

We encourage you to call your state Senator and Representative and tell them that:

  • Real estate conveyance taxes target the few (home buyers) for the benefit of all, regardless of ability to pay.
  • A tax on buyers could put the price of a new home out of reach for first time buyers.
  • Taxing home purchases is contrary to the efforts to improve the economy and create jobs.
  • If economic recovery is truly our goal, Connecticut’s elected leaders should be making it easier for citizens to buy a home, not more difficult.
  • Tell your elected officials to reject new taxes on home and real estate sales!

This bill will be moving to the Office of Legislative Research and Office of Fiscal Analysis, and next week, to the Finance Committee. Connecticut Association of Realtors Leadership agrees that this is a particularly onerous and regressive tax and will forcefully attempt to prevent it from being enacted. 

Don’t hesitate – go to find and contact your elected officials today!

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