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CT HB06630

Bill

Official Source

Status

Introduced

3/11/2021

Primary Sponsor

Finance, Revenue and Bonding Committee

Click for details

Origin

House of Representatives

2021 General Assembly

AI Summary

  • Repeals and replaces Section 12-494 of general statutes effective July 1, 2021, modifying real estate conveyance tax rates on property transfers of $2,000 or more
  • Maintains base tax rate of 0.75% on residential property with 0.25% going to municipalities; increases rate to 1.25% on non-residential property and unimproved land
  • Creates tiered tax structure for residential estates valued at $800,000 or more: 0.75% up to $800,000, then 1.25% from $800,000-$2.5 million, and 2.25% above $2.5 million
  • Exempts new homes built by licensed contractors or housing-focused entities valued at $800,000 or more from the higher tiered rates, capping tax at 1.25% above $800,000
  • Applies lower 0.75% rate to foreclosed properties with delinquent mortgages transferred to the lending institution holding the mortgage

Legislative Description

An Act Concerning The Rate Of The Real Estate Conveyance Tax On Certain Conveyances.

Last Action

File Number 652

5/10/2021

Committee Referrals

Finance, Revenue and Bonding3/11/2021

Full Bill Text

No bill text available