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 personalty. Use tax rate same as sales tax, based on sales price of certain services and tangible personalty 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. 

Connecticut Department of Revenue Services: When to File  - If after filing your income tax return you receive an additional wage and tax statement (W­2 or 1099) or discover that an error was made, do not submit a second Form CT­1040EZ or Form CT­1040.  
 
• Electronic Accountant.  For additional online information try here 
• Tax tips.  Provided by The Northern Fairfield County Association of Realtors 
• The International Salary Calculator: relocation, cost of living, real...  - Find out the salary you would need to make in a different city to maintain the same standard of living that you have now. Based on cost-of-living indexes for hundreds of U.S. and international cities. 
• Connecticut Says No to Internet Taxes  - CONNECTICUT SAYS "NO" TO INTERNET TAXES last update: January 12, 1999 Connecticut, under the leadership of Gov. John Rowland (R), has recently reversed course. 

  ---


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