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June 11, 2021

CT property transactions rose last fiscal year, despite pandemic 

HBJ File Photo The State Capitol in Hartford
By Matt Pilon

Real estate sales activity increased last fiscal year in Connecticut, despite the COVID-19 pandemic disrupting the final three months.

Conveyance taxes owed to the state on property transactions that took place during the fiscal year ended June 30, 2020 grew 5.6% compared to the fiscal year prior, according to the Department of Revenue Services' latest annual report.

Total taxable transaction volume last fiscal year was $22.82 billion, up from $21.73 billion in 2019, according to DRS.

Conveyance taxes are levied on a majority of property sales, with higher rates on non-residential transactions than on home sales and sales of unimproved land, according to the Office of Legislative Research.

In Hartford, taxable conveyance sales declined last fiscal year, from 912 transactions in 2019 to 801 in 2020. Total taxable sales volume in the city was $243.3 million in fiscal year 2020, down from $311 million in 2019, according to DRS data.

Greenwich had the highest total value of taxable sales in the state during fiscal year 2020, totaling $2 billion worth of transactions, up from $1.91 billion in 2019. Stamford was next with $1.09 billion in 2020, down from $1.25 billion the year prior.

Conveyance taxes for the ongoing fiscal year that ends June 30 will be affected by a 2019 state law that took effect last July.
The law affects conveyance rates on home sales of $2.5 million or more.

Under the law, the first $800,000 of a home’s sale price will continue to be taxed at 0.75%, and at 1.25% beyond that, up until a higher levy of 2.25% that kicks in on any portion of the sale price that exceeds $2.5 million.

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