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.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
Depreciation is an accounting method of allocating the cost of an asset over its useful life, allowing investors to deduct a portion of the asset's cost each year.
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