Real Estate Math
A Santa Fe property sells for $750,000. What is the New Mexico Real Estate Transfer Tax owed by the seller?
A$1,500
B$2,000
C$2,250✓ Correct
D$3,000
Explanation
NM Transfer Tax = (Sales Price / $500) x $1.50. ($750,000 / $500) x $1.50 = 1,500 x $1.50 = $2,250. The seller pays this tax.
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