Form Au-263 - Real Estate Conveyance Tax Allocation Worksheet - 2007
ADVERTISEMENT
1Department of Revenue Services
AU-263
State of Connecticut
Real Estate Conveyance Tax Allocation Worksheet
Rev. 01/07
Use this worksheet to allocate the total consideration for property located in more than one municipality. Keep the completed
worksheet for your records. Do not submit it to the Department of Revenue Services.
Grantor Name:
Grantor Taxpayer ID No.:
Property Location:
Total Consideration:
This amount must be the same as D5 below.
A
B
C
D
Town
Assessed Value
Assessed Value
Allocated
Ratio
Consideration
Total Consideration
See instructions.
X Column C
1
2
3
4
5
Totals: Add Lines 1 through 4.
1.00
Instructions
Example: The sales price of a residential dwelling located in two
municipalities is $1,000,000. The total tax due to the State of
Conn. Gen. Stat. §12-500 requires transferors who transfer
Connecticut is $6,000 (($800,000 x .005) + ($1,000,000 - $800,000)
property located in more than one municipality to allocate the
x .01). The tax due on all tax returns filed must add up to the total tax
conveyance tax among the municipalities. The tax for both the
due.
state and the municipality is allocated in proportion to the
First, compute the assessed value ratio and allocate the
assessed value of the real property in each municipality. An
consideration to each municipality.
allocation may not be necessary if the property in one of the
towns has no assessed value; for example, it only transfers
A
B
C
D
common elements in a condominium.
Town
Assessed
Assessed
Allocated
Value
Value Ratio
Consideration
Column B: Use the assessed value currently available.
Town A
$825,000
.9396
$939,600
Assessments from the previous revaluation should be used if a
Town B
$53,000
.0604
$60,400
current assessment is unavailable.
Total
$878,000
$1,000,000
Column C: To calculate the assessed value ratio for each
Then, allocate the $800,000 threshold amount to each municipality
municipality, divide the assessed value for a municipality by the
using the assessed value ratio calculated to allocate the
total assessed value for all municipalities listed.
consideration.
Column D: The amount in Column D for each line must be
For Town A, multiply $800,000 by the assessed value ratio of .9396.
carried to the appropriate line on Form OP-236, Real Estate
The allocated threshold amount is $751,680. Enter this amount on
Conveyance Tax Return.
Line 24a of Form OP-236. The balance of the consideration
allocated to Town A is entered on Line 24b of Form OP-236.
Tax Allocation for Residential Estates
That Exceed $800,000
T
own A:
Consideration
Rate
Tax
Line 24a
$751,680
.005
$3,758.40
Conn. Gen. Stat. §12-494(b)(2) provides that in the case of any
Line 24b
$187,920
.01
$1,879.20
conveyance in which the real property conveyed is a residential
Total
$939,600
$5,637.60
estate, including a primary dwelling and any auxiliary housing or
structures, for consideration of $800,000 or more, the tax rate is
one half of one percent (.005) on the first $800,000 of consideration
For Town B, multiply $800,000 by the assessed value ratio of .0604
The allocated threshold amount is $48,320. Enter this amount on
and one percent (.01) on that portion of the consideration in excess
Line 24a of Form OP-236. The balance of the consideration
of $800,000.
allocated to Town B is entered on Line 24b of Form OP-236.
For a residential dwelling located in more than one municipality
T
where the sales price is more than $800,000, tax must be allocated
own B:
Consideration
Rate
Tax
among the municipalities and the $800,000 threshold must be
Line 24a
$48,320
.005
$241.60
allocated among all tax returns filed.
Line 24b
$12,080
.01
$120.80
Total
$60,400
$362.40
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial