Realtors, homeowners want conveyance tax lifted

Realtors and homeowners in Connecticut are hoping to get the state to abolish what they call a hidden tax homeowners must pay when they sell

NORWALK - Realtors and homeowners in Connecticut are hoping to get the state to abolish what they call a hidden tax homeowners must pay when they sell a house.

The conveyance tax was supposed to be a temporary tax to help offset a state budget shortfall in 2003. While realtors have been complaining about the tax since its start, most homeowners only learn of the tax after they sell.

City and town officials say they use the money generated to keep other taxes, like property taxes, down. Many cities now rely on the extra revenue and there are no plans to lift the conveyance tax.

"If we didn't have $5 to $6 million coming in, that would mean the individual homeowners who are not selling their house are going to have to pay it back and make up the difference," says Norwalk Mayor Dick Moccia.

Still, people trying to sell their home in the current weak housing market say the conveyance tax is one more hardship they have to put up with.

"Many people are losing money when they sell, but they still have to pay this tax at the time of closing," says Ken Delvecchio, of the Connecticut Association of Realtors.

People trying to sell their homes in the weak housing market say it's really cutting into their bottom line.

advertisement | advertise on News 12

Trending Video

1 12 on Health: Spike in flu cases
2 Connecticut Sportscast, Jan. 16
3 Scholar Athlete: Gino Esposito
Fairfield police confirm they have arrested the Milford 4 Fairfield Warde H.S. teacher facing indecency charges
This comes after tensions between communities and police 5 Norwalk police to host traffic stop program for students

advertisement | advertise on News 12

Features

Focus on Connecticut Focus on Connecticut

Features local, state and federal officials discussing the issues around southwestern Connecticut.

Celebrates African-American culture in southwestern Connecticut. Our Lives

Celebrates African-American culture in southwestern Connecticut.

Each week News 12 Connecticut introduces you to Hometown Hero

News 12 highlights people who give to the community.

We spotlight a local team each week. Connecticut Team of the Week

Each week News 12 Connecticut highlights a team from a local school.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE