New Connecticut 2011-2012 Mill Rates and property taxes take effect July 1, 2011

Do you want to know what your new property taxes are going to be? Your taxes change each year on July, 1st. 

SEE UPDATED TAX RATES  FOR 2012-2013 HERE

All Connecticut towns prepare a budget for the year and set a new mill rate for property owners to pay for that budget. If you look at the record of your property as it exists in Town Hall, you will see that your property is appraised at one value, and assessed at another value. Your new property taxes are determined by multiplying the mill rate by the assessment.

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We have obtained the 2011-2012 mill rates for the following towns that we service: 

... in Fairfield County

   Darien ......................12. 2 mills
   Easton ......................22.95 mills
   Fairfield........22.47 mills
   Greenwich *No Sewers..............10.111 mills
        Greenwich  *With Sewers..............10.641 mills
  Monroe..............28.79 mills

  New Canaan............13.853 mills  (with sewers 14.476 mills)
  Newtown ..........24.37 mills
       Newtown (additional tax for Borough residents).......00.61 mills
  Norwalk Districts 1,2,3,8,9 *With Garbage.............20.742 mills
       Norwalk Districts 1,2,3,8,9 *No Garbage..........20.251 mills

       Norwalk Districts 4,5 *With Garbage......20.795 mills

       Norwalk Districts 4, 5 *No Garbage...20.304 mills                                                   

       Norwalk Districts 6,7 *Services only.......19.022 mills

  Redding...............22.79 mills
  Shelton.........18.57 mills 

  Southport ........22.47 mills
  Stratford.........34.15 mills
  Trumbull........  25.00 mills
  Weston.........23.94 mills
  Westport.........17.43 mills

and New Haven County

  Ansonia.............26.25 mills
  Derby.........27.90 mills
  Milford........29.35 mills 
  Oxford..............23.21 mills
  Seymour...........27.62 mills

And a note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

Connecticut Homesellers take note! Conveyance tax increase to begin July 1, 2011

ALERT:  The Biennium Budget Bill for 2012-2013 (Senate Bill #1239, Section 102) was just signed into law by Connecticut Governer Dannel P. Malloy. The Bill includes a .25 percent increase to the Real Estate Conveyance tax .

A synopsis of the new State Conveyance tax as of July 1, 2011 is as  follows (This is when you SELL your home) : ALSO NOTE: Your homeowner property taxes will change as of July 1, 2011 through June 31, 2012. Read this article to find your new mill rate.

• Residential property (and vacant land) will  be taxed at .75 percent or .0075 (instead of one half of of one percent).
• Residential property that is conveyed for more than $800,000  will be taxed at .75 percent or .0075 up to $800,000, and the balance of the sales price at 1.25 percent .
• Non-residential property will be   taxed at 1.25 percent, instead of one percent.
• Property conveyed by a delinquent mortgagor to a financial institution of property on which mortgage payments have been delinquent for not less than six months will be taxed at .75 percent or .0075.

Excerpted from OLR Bill Analysis  SB 1239-§§ 102 & 103 — REAL ESTATE CONVEYANCE TAX

"The real estate conveyance tax has two parts: a state tax and a municipal tax. The applicable state and municipal rates are added together to get the total tax rate for a particular transaction. The combined rate is applied to the sale price.

The current state tax is 0. 5% of (1) the first $ 800,000 of the sale price of a residential property and (2) the full sale price of unimproved land and certain bank foreclosures for mortgage delinquencies. A 1% rate applies to (1) sales of nonresidential property other than unimproved land and (2) any portion of the sale price of a residential dwelling that exceeds $ 800,000 (the so-called “mansion tax”). The bill increases these rates to 0. 75% and 1. 25%, respectively.
In addition to the state tax, a seller must pay a state-specified conveyance tax to the municipality where the property is located. The current municipal tax rate is 0. 25% for all towns plus an additional tax of up to 0. 25% in 18 eligible towns that choose to impose the increased rate. Thus, under current law, the municipal tax rate can range from 0. 25% to 0. 5%, depending on where the property is located."

It is somewhat unclear in the bill as to when the conveyance will be deemed to have occurred. I would advise speaking to your attorney for clarification as to which specific date would be accurate-  contract,  deed,  closing or recording, as it WILL MAKE A DIFFERENCE.  

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And a note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

How the property tax is figured on your Fairfield County home

Property tax is figured by the value  (assessment) of the property, but it's not all that simple, or cut and dry. The reason you have an assessment of your property is to calculate your fair share of  taxes in order for the town to have enough income to run all of its departments. By law, each of Connecticut's 169 towns and cities have to re-valuate properties every four years. Let me debunk one popular myth: Your assessment doesn't change based upon the purchase price of the home- (otherwise, people would sell their home for a dollar, and pay virtually no tax)

The reason for the four year re-valuation is because both residential and commercial property values fluctuate  and cause an imbalance in appropriate rates for both. So in order to keep things in line, the re-assessment  is necessary.

The tax assessment for your home  is based upon a calculation  of square footage, amenities in the house, and location- much like a real estate appraisal, but there are a few major differences that I will try to explain to help you understand.

Here's an example: The town assesses your home at $700,000, and you just bought it for $1,000,000. Did you over pay for the house?  The bank appraised it at $1 million! So what gives? The town thinks your home is worth 30% less than you think it is, and somebody has got to pay!  There IS a simple answer as to why, so don't try to set things straight  at the assessors office. Complain to the tax assessor about being valued too low, and you might just be rewarded with higher taxes. 

The assessment that you receive on your house is 70% of the market value, so if your assessment is $700,000, the town believes it's value to be $1,000,000. The assessment figure and the appraisal figure are NOT THE SAME. The next time you receive your new assessment, if you look closely, there will be an appraisal  amount there, too. They are both on file with the town, and are considered public information.
 
When the town puts together its annual budget, and compiles all of the values, and expected taxes (a/k/a income) the mil rate is set to cover the budget based upon that income to the town. If the town is  coming up short with the budget, then you will see an increase in the mil rate, and an increase in property taxes. I could go on and on about this subject but my post is long enough. I have helped a few clients fight an asessment that was too high, and WE WON. But that's another post for another time.