Democrats in Hartford are pushing to increase the "Mansion Tax" (i.e. conveyance tax) to 4% on all home sales over $1 million. The current tax is 0.75% on the sale of homes under $800,000, increasing to 1.5% on houses up to $2.5 million to a max of 2.25% on homes above that. The purpose is to pay for homeless shelters, housing and other social needs.
Tod Laudonia, the endorsed Republican running against Democrat Hector Arzeno for the 151st House District (covering mid-Greenwich) is strongly opposed to a renewed push for an increased "Mansion Tax" in CT.
Between the Lines: This tax would represent another huge wealth transfer from Greenwich residents to Hartford and will only serve to further drive residents away.