Real Estate Math
A property sold for $680,000. The California county documentary transfer tax is $0.55 per $500 of the sale price. What is the transfer tax owed?
A$748✓ Correct
B$374
C$1,360
D$3,740
Explanation
$680,000 ÷ $500 = 1,360 increments. Transfer tax = 1,360 × $0.55 = $748. The California county documentary transfer tax rate is $0.55 per $500 (or fraction thereof) of the taxable value.
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