Connecticut one of 36 states with a property transfer tax - Financial ...

Fannie Mae and Freddie Mac?s legal problems over the payment of property transfer taxes could become rather large as 36 states levy the fee.

Bridgeport joined communities in at least five other states that have sued the two government sponsored entities for not paying the fee charged when a piece of property is sold.

Only 14 states don?t have the levy. They are: Alaska, Idaho, Indiana, Kansas, Louisiana, Mississippi, Missouri, Montana, New Mexico, North Dakota, Oregon, Texas, Utah and Wyoming.

What could await Fannie, Freddie and a team of lawyers and accountants is a long search of records on property transfers over the last few years. And the amount of money owed won?t be easy to calculate as each state has a different version of the tax.

Connecticut?s is 1 percent of the total, with 0.75 going to the state and 0.25 going to the local municipality where the transaction occurred. By the way, that?s only for the first $800,000 or so of the value, after that the transfer fee in Connecticut goes to 1.25 percent on the rest of it.

Across the country the rates and calculations vary, according to the National Association of Realtors.

Rhode Island charges $2 for each $500 of the purchase price. Oklahoma is 75 cents for each $500. Michigan charges $3.75 per $500.

Hawaii and other states have a progressive rate and some states, like Nevada, charge more or less based on the population of the county where the sale occurred.

Source: http://blog.ctnews.com/financialmines/2012/08/23/connecticut-one-of-36-states-with-a-property-transfer-tax/

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