Monday, October 13, 2003
Westport is receiving a windfall as a result of this years increase in the local municipal real estate conveyance tax.
Town Clerk Patricia H. Strauss said revenues have more than doubled in the first three months of this fiscal year over last year.
Strauss told WestportNow that in the three-month period ending Sept. 30, the town collected $534,717 in real estate conveyance taxes compared to $251,733 in the same period last year.
The increase came despite a slight dip in sales over the period Җ 218 sales in the recent period to 227 a year ago—and reflected increased value of transactions.
As part of its budget-balancing efforts earlier this year, the state legislature reduced state programs but allowed municipalities to increase revenues by increasing the conveyance tax.
The conveyance tax rate for municipalities increased effective March 15 from 0.11 percent —or $1.10 per each $1,000—to .25 per cent, or $2.50 per each $1,000.
The rate is supposed to revert back to its lower rate effective July 1, 2004, but many legislators have expressed doubt that in these tight budget times this will happen.
Posted 10/13/03 at 11:08 AM Permalink