Real Estate Math
A West Virginia commercial property sells for $480,000. The excise tax is $1.10 per $500. What is the total excise tax due?
A$528.00
B$1,056.00✓ Correct
C$792.00
D$1,584.00
Explanation
$480,000 / $500 = 960 units. 960 x $1.10 = $1,056.00 total excise tax. This must be paid before the deed is recorded with the county clerk.
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