The tax imposed by section 12-638l shall be due and payable by the particular grantor who caused such classification to be made in the same manner as the tax imposed by this chapter. The total amount of the tax shall be paid to the town in the same manner as the municipal portion is paid to towns under section 12-638k. Upon the receipt of such payment, such land shall be automatically declassified and the assessor shall forthwith record with the town clerk a certificate setting forth that such land has been declassified. Thereafter, such land shall be assessed at its fair market value as determined by the assessor under the provisions of section 12-63 for all other property, until such time as a record owner may reclassify such land.
(P.A. 89-251, S. 51, 203.)
History: P.A. 89-251, S. 51 effective July 1, 1989, and applicable to sales or transfers of real property occurring on or after that date.
Structure Connecticut General Statutes
Chapter 228b - Controlling Interest Transfer Tax
Section 12-638a. - Definitions.
Section 12-638c. - Filing return and payment of tax. Penalty and waiver provisions. Regulations.
Section 12-638e. - Excess payments.
Section 12-638f. - Claims for refund.
Section 12-638g. - Wilful violations. Penalties.
Section 12-638h. - Records. Examinations. Hearings. Testimony.
Section 12-638i. - Application to commissioner for hearing.
Section 12-638j. - Collection of tax. State lien against real estate as security for tax.
Section 12-638n. - Transfers not subject to the tax under section 12-638l.