Real Estate Math

A property in Durham sells for $395,000. The NC excise tax paid by the seller is:

A$395

B$790✓ Correct

C$395,000 / 500 = 790 x $1 = $790

D$1,580

Explanation

NC excise tax = $1 per $500. $395,000 / $500 = 790 x $1 = $790. Using the values given ($395,000), apply the appropriate formula.. The correct answer is $790.. This is a common calculation on the North Carolina real estate exam.

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