ValuationTransfer_taxMEDIUM
A Connecticut municipality wants to impose a local real estate conveyance tax in addition to the state conveyance tax. Under CGS § 12-494, what is the maximum local conveyance tax rate that most municipalities are authorized to charge?
Correct Answer
A) 0.25% of the sale price
Under CGS § 12-494, most Connecticut municipalities are authorized to levy a local conveyance tax of up to 0.25% of the property's sale price. This is in addition to the state conveyance tax and must be adopted by the municipality through local ordinance.
Answer Options
A
0.25% of the sale priceB
0.50% of the sale priceC
0.75% of the sale priceD
0.11% of the sale priceWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Background Knowledge for Valuation
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Related Topics & Key Terms
Key Terms:
municipal_conveyance_taxlocal_tax_rateCGS_12-494conveyance_tax
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