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Connecticut personal income taxes:
Connecticut has an
income tax that is based upon (with certain adjustments) taxpayer's adjusted
gross income from federal form 1040. Tax applies to residents, nonresidents with
Connecticut source income, part year residents, trusts and estates. Statutory
rate is 4 and 1/2 % with personal exemptions and credits available depending on
level of income. Tax return (form CT-1040) is due April 15. If taxpayer lives in
Connecticut and works in another state, a credit is allowed for taxes imposed by
the other state.
Gift Tax:
A gift tax is
imposed on all gifts of intangible property and all real and tangible personal
property with a value over $10,000.00 situated in CT. CT does not follow the
federal exemption for the unified credit available during one's lifetime.
Estate Tax:
Tax is levied upon
right of succession to property at varying rates based on relation of
beneficiaries of property to decedent. Spouse receives unlimited exemption from
tax. Resident decedents are taxed on most property interest.
Sales & Use Tax:
6% sales tax on
gross receipts from retail sales, leases, and rentals of tangible personality.
Use tax rate same as sales tax, based on sales price of certain services and
tangible personality for storage, acceptance, consumption, or other use instate
for which no sales tax or the full rate was not paid by resident. Individual
taxpayer's report on their CT personal income tax return the use tax of goods
and services subject to CT that was either not paid or fully paid.
Property Tax:
Real estate and
tangible personal property (i.e.. cars, office equipment and furniture used in a
business) assess at a uniform percentage, not to exceed 100%, of true actual
value (fair market value). Rates vary locally. Current rate in Brookfield is
23.8 per $1000 of assessed value. Example , a personal residence with a fair
market value of $200,000 would have a yearly real estate tax bill of $3332.
Realty Conveyance Tax:
Residential and
unimproved land 5%; nonresidential 1%; consideration for residential real
property in excess of $800,000 an additional 5%.
Note: The above is to be used only as a guide. For further information always
consult your tax, financial or legal advisor. |
