[Stepfordct]

Originally Posted by MrGompers

CT doesn't have an "excise tax" when selling real estate there is a "real estate conveyance tax" which the buyer pays.

No one cares about 10,000 people leaving per year. That's statically insignificant when the population is 3.5 million.

That would equate to a change of only .00285 %. If you assume only half of the 3.5 million work that would only raise it to .0057% At least a quarter of that migration is probably to bordering states which are not exactly cheaper.

IF so many people are leaving CT we wouldn't need to expand public transportation, expand highways, build new schools, and real estate prices would be dropping. Nothing of the kind is happening here.

Traffic congestion is not anything new. Many towns don't need new schools. They want newer of course, because someone else is paying for it! Prices are more local town to town, state to state. So where do you see prices rising?

[LMPA]

Originally Posted by MrGompers

CT doesn't have an "excise tax" when selling real estate there is a "real estate conveyance tax" which the buyer pays.

No one cares about 10,000 people leaving per year. That's statically insignificant when the population is 3.5 million.

That would equate to a change of only .00285 %. If you assume only half of the 3.5 million work that would only raise it to .0057% At least a quarter of that migration is probably to bordering states which are not exactly cheaper.

IF so many people are leaving CT we wouldn't need to expand public transportation, expand highways, build new schools, and real estate prices would be dropping. Nothing of the kind is happening here.

I have a line item on my closing disclosure detailing a "State Transfer Tax Residential to Commissioner of Revenue Services" fee. I apologize for calling it an excise tax, it was a conveyance fee. Regardless, it was over $2K.

In Connecticut, the seller is responsible for this fee.

Perhaps you don't care that 10K are leaving each year, but I would imagine it is concerning to others. Actually the number is closer to 13K.

Real estate is stagnant, although some areas are moving. What area is building new schools to account for growth?

This link details the real estate market in each state, with the ability to drill down to county level.

https://www.realtor.com/research/hottestmarkets/

IRS migration link:

https://www.irs.gov/statistics/soi-t...data-2015-2016

[BobNJ1960]

Originally Posted by Stylo

Southwest CT real estate is still strong. Except for large homes in more rural areas. Where are you headed?

Edit: a friend just bought in Norwalk. House on market for a day and a bidding war ensued.

Southwest = just 20% of the state in miles, 40-50% in population.

The rest of Ct matters, too.

[MrGompers]

Originally Posted by LMPA

I have a line item on my closing disclosure detailing a "State Transfer Tax Residential to Commissioner of Revenue Services" fee. I apologize for calling it an excise tax, it was a conveyance fee. Regardless, it was over $2K.

In Connecticut, the seller is responsible for this fee.

Perhaps you don't care that 10K are leaving each year, but I would imagine it is concerning to others. Actually the number is closer to 13K.

Real estate is stagnant, although some areas are moving. What area is building new schools to account for growth?

This link details the real estate market in each state, with the ability to drill down to county level.

https://www.realtor.com/research/hottestmarkets/

IRS migration link:

https://www.irs.gov/statistics/soi-t...data-2015-2016

This explains the real estate conveyance tax. I have never heard of a seller being responsible unless the buyer negotiated that in the closing.

http://www.ct.gov/drs/lib/drs/forms/...se/op-236i.pdf


You're one of a long list of people who left CT and are looking for justification. I'm happy for you if you think Tennessee is paradise, I for one wouldn't consider living there. Have fun with the 9.75% sales tax.

Yes I do not care if 10k or 13k people are leaving each year, as I already said that is statistically insignificant. I want more people to leave so things will get cheaper around here, of course that's never going to happen though.

[MrGompers]

Originally Posted by Stepfordct

Traffic congestion is not anything new. Many towns don't need new schools. They want newer of course, because someone else is paying for it! Prices are more local town to town, state to state. So where do you see prices rising?

My town Rocky Hill is building a new elementary school, neighboring town Cromwell both expanded their elementary school and high school within the last 10 years. This is only two towns among 169, so to think no towns are building schools is not accurate.

More importantly I don't see big swings in pricing. When you can show me 30%+ drops in real estate like in Florida or Nevada get back to me. No one cares about 3% moves up or down.

[kidyankee764]

Originally Posted by MrGompers

This explains the real estate conveyance tax. I have never heard of a seller being responsible unless the buyer negotiated that in the closing.

http://www.ct.gov/drs/lib/drs/forms/...se/op-236i.pdf


You're one of a long list of people who left CT and are looking for justification. I'm happy for you if you think Tennessee is paradise, I for one wouldn't consider living there. Have fun with the 9.75% sales tax.

Yes I do not care if 10k or 13k people are leaving each year, as I already said that is statistically insignificant. I want more people to leave so things will get cheaper around here, of course that's never going to happen though.

Nobody tries to “justify” anything - people come back and post because those who have never lived anywhere other than CT have zero clue what life is like anywhere else (college not included). If your goal with that middle paragraph is an attempt to say you’ll pay an overall much higher tax rate in TN, that is absolutely laughable - at best. Income tax, car tax and property tax alone, you’re saving double digit thousands by living in TN. Fact.

[kidyankee764]

Originally Posted by MrGompers

My town Rocky Hill is building a new elementary school, neighboring town Cromwell both expanded their elementary school and high school within the last 10 years. This is only two towns among 169, so to think no towns are building schools is not accurate.

More importantly I don't see big swings in pricing. When you can show me 30%+ drops in real estate like in Florida or Nevada get back to me. No one cares about 3% moves up or down.

Traditionally, the places doing the worst experienced gradual declines in real estate - meaning 3% drops year after year. Detroit didn’t see an instant decline of 30%. Those places that sharply declined also sharply rose once the national economy improved. This is not a national issue - it’s a regional issue CT is experiencing. Little by little, home prices are stagnating and, over the past year, PPSqFT declined in a huge number of communities.

If this isn’t concerning to you, yikes.

[MrGompers]

Originally Posted by kidyankee764

Nobody tries to “justify” anything - people come back and post because those who have never lived anywhere other than CT have zero clue what life is like anywhere else (college not included). If your goal with that middle paragraph is an attempt to say you’ll pay an overall much higher tax rate in TN, that is absolutely laughable - at best. Income tax, car tax and property tax alone, you’re saving double digit thousands by living in TN. Fact.

I have lived in another state so I know grass isn't always greener. I don't see how you make the connection that I think paying a higher sales tax in TN is going to result in someone paying higher taxes.

Sales tax is regressive, when I see a high sales tax especially when its applied to food I know all I need to know about that States Govt. and how they feel about poor / low income people.

And just in case you thought I forgot about you Virginia has a flat rate income tax that apples from the first dollar earned and in your case you will be paying more in income tax in VA vs CT. Like I said before though maybe you'll make up for it in volume somehow by buying a ton of pepperoni or printer paper since VA sales tax is 5.3 vs 6.35 in CT. BTW, don't forget to enjoy the tolls and police patrol on Virginia highway's.

[kidyankee764]

Originally Posted by MrGompers

I have lived in another state so I know grass isn't always greener. I don't see how you make the connection that I think paying a higher sales tax in TN is going to result in someone paying higher taxes.

That depends on where you’ve left and where you live now. If you move from Alabama and now live in Connecticut, I get your obsession with taxes. But to me, it seems as if your trying to justify the second highest tax burden in the country.

Originally Posted by MrGompers

And just in case you thought I forgot about you Virginia has a flat rate income tax that apples from the first dollar earned and in your case you will be paying more in income tax in VA vs CT. Like I said before though maybe you'll make up for it in volume somehow by buying a ton of pepperoni or printer paper since VA sales tax is 5.3 vs 6.35 in CT. BTW, don't forget to enjoy the tolls and police patrol on Virginia highway's.

You can read paragraph after paragraph of Google results but, sorry to tell you, we will be paying combined $3,800 less in VA than we did in CT. Fact. You are wrong.

And this is on top of a lesser property tax rate.

Re: tolls - nope. I can get where I need to go without paying a cent. That includes the major airport and world class city within a half hour of my driveway. But you enjoy paying 28% more taxes overall to live in Rocky Hill!

[LMPA]

Originally Posted by MrGompers

This explains the real estate conveyance tax. I have never heard of a seller being responsible unless the buyer negotiated that in the closing.

http://www.ct.gov/drs/lib/drs/forms/...se/op-236i.pdf


You're one of a long list of people who left CT and are looking for justification. I'm happy for you if you think Tennessee is paradise, I for one wouldn't consider living there. Have fun with the 9.75% sales tax.

Yes I do not care if 10k or 13k people are leaving each year, as I already said that is statistically insignificant. I want more people to leave so things will get cheaper around here, of course that's never going to happen though.

I never said Tennessee was paradise, but we are happy here. I'm fairly certain anyone that has left the state does not need to justify their reason. Moving is a long tedious process, which generally involves a lot of planning and research. For many of us, it was a relief to finally make the decision, and follow through. We talked about it on and off for 5 years before we actually did it.

Every state has its pros and cons, and it is up the individual to figure out what is important to them.

I expect to pay taxes, and I am fine with the sales tax.

I don't understand your logic if people leave, things will get cheaper. Connecticut will take in less revenue, which will result in higher taxes down the road. But your wish will probably come true with outbound migration hitting over 15K next year.

There is life outside of Connecticut.