Connecticut Property Taxes Explained
If you live in Connecticut, any property you own when you die will be assessed to determine whether your estate owes the IRS or Connecticut – or both – or neither. Your estate includes your house, car, furniture, bank account, brokerage account, IRA, 401 (k), business interests, and whatever you call it yourself. But the assets transferred to a spouse are not counted in your taxable patrimony.
Last week, we discussed federal property taxes and how they are affected by the U.S. taxpayer relief law the President enacted on January 3. This week, let’s take a look at the Connecticut property taxes, which were last changed in 2011.