A property in Stamford sells for $1,520,000. Calculate the total Connecticut state real estate conveyance tax owed on this transaction. The applicable state rates are 0.75% on the first $800,000 and 1.25% on amounts between $800,000 and $2,500,000. No municipal conveyance tax applies.
Correct Answer
D) $15,000
First, tax the first $800,000 at 0.75%: $800,000 x 0.0075 = $6,000. Next, tax the remaining $720,000 ($1,520,000 - $800,000) at 1.25%: $720,000 x 0.0125 = $9,000. The total Connecticut state conveyance tax is $6,000 + $9,000 = $15,000, so the correct answer is D.
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