Real Estate Taxes & Other Liens

Question 1

Ad Valorem Tax

Answer 1

based on value

Question 2

CT Real Property Tax

Answer 2

exclusive domain of the local municipality

Question 3

Grand List

Answer 3

a list of taxable properties in a municipality including real estate and tangible personal property (vehicles), kept by local tax assessors

Question 4

Revaluation

Answer 4

CT law requires properties be revalued every five years, by either physical observation or statistical analysis; physical inspection required every ten years, many municipalities hire a revaluation company to assist

Question 5

Calculation of Property Taxes

Answer 5

determine market value using appraisal and valuation techniques, calculate assessed value by multiplying by assessment ration (70%) then multiply by the mill rate and divde by 1,000

Question 6

Mills

Answer 6

tax rate; equivalent to dollars of tax per thousand dollars of assessed value

Question 7

Timing of Property Tax Payments

Answer 7

generally runs with the State’s fiscal year (July 1 - June 30) real property taxes are payable on July 1 and January 1

Question 8

Assessment Dates

Answer 8

property on the Grand List for the next year must be assessed by October 1 of the preceding year

Question 9

Capital Gains Tax

Answer 9

applies to both residents and nonresidents on gain realized from the sale or exchange of real estates located in CT

Question 10

Conveyance Tax

Answer 10

CT has two taxes on the seller at the time of transfer of title; state conveyance tax and a municipal conveyance based on a percentage of the selling price