Real Estate Math
A property sells for $780,000 in New York City. The NYC real property transfer tax (RPTT) for a residential sale over $500,000 is 1.425%. What is the RPTT owed?
A$7,125
B$11,115✓ Correct
C$7,800
D$9,360
Explanation
NYC RPTT = $780,000 × 1.425% = $780,000 × 0.01425 = $11,115. To solve this, multiply the relevant values: $780,000 and $500,000 at 1.425%.. The correct answer is $11,115.. This is a common calculation on the New York real estate exam.
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