Comments on: Taxes When Selling http://ridgefieldtalk.com/blog/taxes-when-selling/ In and About Ridgefield Real Estate Sun, 21 Mar 2010 01:20:39 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Fred http://ridgefieldtalk.com/blog/taxes-when-selling/comment-page-1/#comment-164 Fred Tue, 05 Feb 2008 14:54:15 +0000 http://ridgefieldtalk.com/blog/taxes-when-selling/#comment-164 Is Expamle 2 an error? On the sale of a $1m home, Town conveyance tax would be $1m x .0025 = $2,500. You say it would be $5,000!! ---- Answer From Anne: ---- According to my attorney: Anne: Conveyance taxes for a $ 1 million sale: You are correct that State conveyance tax for a Ridgefield residential property is $ 6,000.00 (.05 per cent of first $ 800 G + 1 percent of excess); but the conveyance tax to the town of Ridgefield is $ 2,500.00 (.0025 per cent). Note that town conveyance taxes are permitted to be higher in about 18 other cities and towns of Connecticut. Is Expamle 2 an error?

On the sale of a $1m home, Town conveyance tax would be $1m x .0025 = $2,500.

You say it would be $5,000!!

—-
Answer From Anne:
—-
According to my attorney:

Anne: Conveyance taxes for a $ 1 million sale: You are correct that State conveyance tax for a Ridgefield residential property is $ 6,000.00 (.05 per cent of first $ 800 G + 1 percent of excess); but the conveyance tax to the town of Ridgefield is $ 2,500.00 (.0025 per cent). Note that town conveyance taxes are permitted to be higher in about 18 other cities and towns of Connecticut.

]]>