Real Estate Math
A Connecticut property sells for $710,000. What is the Connecticut real estate conveyance tax owed by the seller? (Rate: 0.75% on first $800,000.)
A$5,325✓ Correct
B$8,875
C$7,100
D$4,260
Explanation
Since the sale price ($710,000) is below $800,000, only the 0.75% rate applies. Conveyance tax = $710,000 × 0.75% = $5,325.
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