Real Estate Math
A Michigan property sells for $265,000. The seller pays transfer tax at $8.60 per $1,000 of value (state + county combined). What is the total transfer tax?
A$2,079
B$2,279✓ Correct
C$1,860
D$1,937
Explanation
Transfer tax = ($265,000 ÷ $1,000) × $8.60 = 265 × $8.60 = $2,279. Using the values given ($265,000, $8.60), apply the appropriate formula.. The correct answer is $2,279.. This is a common calculation on the Michigan real estate exam.
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