A property sells for $415,000. The Illinois state transfer tax is $0.50 per $500 of purchase price. The county transfer tax is $0.25 per $500, and the city transfer tax is $3.00 per $500. What is the total transfer tax?

Explanation

Total rate per $500 = $0.50 + $0.25 + $3.00 = $3.75. Number of $500 increments = $415,000 ÷ $500 = 830. Total transfer tax = 830 × $3.75 = $3,112.50. Note: actual rates vary by municipality; in this question the answer closest to $3,113 would be selected. With the given options, $3,735 ($4.50/500 × 830) or the question uses $3.00 combined: 830 × $3.00 = $2,490.