A residential property in Greenwich, Connecticut sells for $3,000,000. Calculate the total Connecticut STATE conveyance tax owed on this transaction using the applicable tiered rates: 0.75% on the first $800,000; 1.25% on amounts from $800,001 to $2,500,000; and 2.25% on amounts above $2,500,000. Do not include any municipal conveyance tax.
Correct Answer
C) $38,500
Tier 1: $800,000 × 0.75% = $6,000. Tier 2: $1,700,000 × 1.25% = $21,250. Tier 3: $500,000 × 2.25% = $11,250. Total = $6,000 + $21,250 + $11,250 = $38,500.
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