Real Estate Math
An Illinois property sold for $425,000. The state transfer tax is $0.50 per $500. What is the total state transfer tax?
A$212.50
B$425.00✓ Correct
C$850.00
D$2,125.00
Explanation
State transfer tax = (Sales Price ÷ $500) × $0.50 = ($425,000 ÷ $500) × $0.
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