Real Estate Math
A Vermont property sells for $415,000. The Vermont Property Transfer Tax is 0.5% on the first $100,000 and 1.25% on the remaining amount. What is the total PTT?
A$4,188
B$4,438✓ Correct
C$5,188
D$5,688
Explanation
PTT on first $100,000 = $100,000 × 0.005 = $500. PTT on remainder = ($415,000 − $100,000) × 0.0125 = $315,000 × 0.0125 = $3,937.50. Total = $500 + $3,937.50 = $4,437.50. Note: $315,000 × 0.0125 = $3,937.50 + $500 = $4,437.50. The correct answer is approximately $4,438 — select the closest option shown.
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