Real Estate Math
A home sells for $920,000. Hawaii conveyance tax is 0.15% (of the first $600,000) and 0.25% (on the excess). What is the conveyance tax?
A$900
B$1,380
C$1,700✓ Correct
D$2,300
Explanation
Tax on first $600,000 = $600,000 × 0.0015 = $900. Tax on excess ($320,000) = $320,000 × 0.0025 = $800. Total = $900 + $800 = $1,700. (Note: actual Hawaii rates are tiered; this is a simplified illustration approximating $1,580–$1,700.)
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