Under Connecticut law, who is legally responsible for paying the Connecticut real estate conveyance tax at the time of closing?
Correct Answer
A) The seller, as the party transferring the property
Under CGS § 12-494, the Connecticut real estate conveyance tax is imposed on the grantor (seller) — the party conveying the property. The tax is paid by the seller at the time the deed is recorded with the town clerk.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
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A Connecticut assessor is preparing the annual grand list for a municipality. Which of the following best defines the 'grand list' in the context of Connecticut property taxation?
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Maria sells her single-family home in Hartford for $600,000. When calculating the Connecticut state conveyance tax, which rate applies to the entire sale price?