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?
Correct Answer
B) 0.75%, because the sale price does not exceed $800,000
Under CGS § 12-494, the Connecticut state conveyance tax rate for residential property is 0.75% on the first $800,000 of the sale price. Since Maria's sale price of $600,000 is entirely below the $800,000 threshold, the flat rate of 0.75% applies to the full amount.
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Under Connecticut law, who is legally responsible for paying the Connecticut real estate conveyance tax at the time of closing?
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David sells his Westport home for $1,200,000. The municipality has enacted the maximum allowable local conveyance tax. What is the total Connecticut conveyance tax (state plus municipal) that David owes at closing?