Stamford Realtors Unhappy with New Real Estate Conveyance Tax

Stamford realtors aren’t happy with the Stamford Board of Representatives approval of an increase of the municipal conveyance tax that property owners must pay to the city when selling buildings and land valued at more than $1 million.

In an 18-12 vote last week, the representatives approved the increase that was proposed in August by Mayor David Martin, according to The Advocate.

The seller of property valued at $1 million will now have to pay 0.5 percent of the selling price, or an additional $5,000. The rate increased from the 0.35 percent which was implemented in 2007 which remains in place for properties selling for less than $1 million, according to the report.

The local increase is on top of the state conveyance taxes, at 0.75 percent for sales under $800,000. The state rate for properties sold for more than $800,000 is 1.25 percent.

President of the Stamford Board of Realtors Thaddea Sheridan, who’s an agent with William Pitt Sotheby’s International Realty, told the newspaper, “I am disappointed the Board of Representatives passed the conveyance tax increase,” Sheridan said. She said the new tax could have a negative impact on the Stamford real estate market that is still trying to recover from a drop in home values.

The complete story can be found here.