Property sales tax income drying up

NORWALK By ROBERT KOCH Hour Staff Writer Sales of single-family homes and other properties in Norwalk are down significantly, based upon land records handled by the Town Clerk's Office. In September, the office processed fewer than 1,000 land records, including deeds, mortgages and tax-lien releases. That's a monthly low during Andrew S. Garfunkel's seven-year tenure as town clerk -- down from as many as 3,007 documents a month five years ago. "We get into May of '07 and then all of a sudden (the number of sales) starts dropping," Garfunkel said. "It's really just a very weak economy." The drop in real estate transfers is also hitting the city's operating budget. For each property transfer, the city receives 0.05 percent of the sale price through the local real estate conveyance tax. The city, for instance, received $83,937... [read full story]