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What a surprise. Connecticut extends it’s  real estate conveyance tax. The tax that adds an additional charge on home sellers has been extended for 2 more years by the state legislature.

As the New Britain mayor states, “In our world, revenues are very difficult to obtain,” . These folks do not see the money as the homeowners or their constituents once it starts rolling in. They see it as theirs to spend. And like any other predatory animal they will fight tooth and nail to keep the revenue stream funding their pet projects.

So when your local or state government tells you a tax will be for a short time, trust us, fight them as hard as they will fight you to renew it. It is your only hope at that stage.

Meanwhile, lawmakers agreed to extend a local tax on real estate transactions for two more years _ a move strongly opposed by real estate agents, but touted by municipal officials who argue they desperately need the revenue. The tax, paid by the home seller, is expected to raise $36 million to $38 million from the slowing real estate market.

“In our world, revenues are very difficult to obtain,” said New Britain Mayor Timothy Stewart, whose city is expecting about $400,000 from the tax. New Britain is facing a budget deficit of about $2.2 million, he said.

But real estate agents claim it’s unfair to impose the tax, which was supposed to be temporary, on sellers in such a poor market. The Connecticut Conference of Municipalities estimates the tax would add $420 to the sale of a $300,000 home.  “If you don’t kill it now, it’s here to stay,” warned Sen. David Cappiello, R-Danbury. “Please keep the promise you made five years ago.” via Newsday.com

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