Real Estate Math
A property in upstate New York sells for $280,000. What is the New York State transfer tax owed by the seller?
A$280
B$560
C$1,120✓ Correct
D$2,800
Explanation
The New York State transfer tax is $2 per $500 of consideration = $4 per $1,000. $280,000 divided by $1,000 x $4 = $1,120. The tax is paid by the seller (grantor).
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