Maria sells her single-family home in Hartford, Connecticut for $650,000. In addition to the state conveyance tax, the municipality imposes its own conveyance tax. What is the maximum municipal conveyance tax rate that Hartford may charge under Connecticut law?
Correct Answer
C) 0.50% of the sale price
Connecticut law permits most municipalities, including those designated as 'eligible targeted investment communities,' to impose a municipal conveyance tax of up to 0.50% of the sale price. Hartford is one of the qualifying municipalities authorized to charge this higher rate.
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