Real Estate Math
A property sells for $450,000. Illinois state transfer tax is $0.50 per $500 of the purchase price (or fraction thereof). What is the transfer tax owed?
A$225
B$450✓ Correct
C$900
D$4,500
Explanation
Transfer tax = ($450,000 ÷ $500) × $0.50 = 900 × $0.
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