Real Estate Math
Transfer tax in Indiana county is $1.00 per $1,000 of value. A property sells for $287,000. What is the transfer tax?
A$287✓ Correct
B$287.00
C$2,870
D$28.70
Explanation
Transfer tax = ($287,000 ÷ $1,000) × $1.00 = $287. Using the values given ($1.00, $1,000), apply the appropriate formula.. The correct answer is $287.. This is a common calculation on the Indiana real estate exam.
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