Real Estate Math
A Georgia transfer tax (state) is $1 per $500 of consideration. What is the transfer tax on a sale of $485,000?
AA. $960
BB. $970✓ Correct
CC. $985
DD. $970
Explanation
Transfer tax = ($485,000 ÷ $500) × $1 = 970 × $1 = $970. Using the values given ($1, $500), apply the appropriate formula..
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