I know the Department of Justice is hot on the trail of inefficiencies and cartels driving up cost of real estate transactions.
So here’s a hot tip for the golden haired MIB’s at the DOJ.
Sell a house in my town and the State of Connecticut swoops in with a 0.5% Conveyance Tax, and the Town of Bristol swoops in with a 0.5% Conveyance Tax as well. Bammo, thats 1% of the purchase price in tax.
That 0.5% Bristol tax has been as “an emergency development measure” along with another 10 or so areas in Connecticut that gets magically extended year after year by the Department of Rubber Stamping in Hartford.
I’m not anti-tax by any means. I fully realize we all have to balance a budget. If those taxes disappear, they will have to appear as a budget line somewhere else.
But the Town and the State contribute nothing, NOTHING, to the real estate transaction, while adding thousands of dollars of expenses to it.
I thought the DOJ had a beef with that.