Real Estate Math

A Connecticut commercial property sells for $1,800,000. The conveyance tax rate is 0.75% on the first $800,000 and 1.25% on the amount above $800,000. What is the total conveyance tax?

A$13,500

B$22,500

C$18,500✓ Correct

D$17,000

Explanation

Tax on first $800,000 = $800,000 × 0.75% = $6,000. Tax on remaining $1,000,000 = $1,000,000 × 1.25% = $12,500. Total = $6,000 + $12,500 = $18,500.

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