A property sells for $800,000 in NYC. The transfer tax (state + city) is approximately:
Correct Answer
B) $14,000
NYC transfer tax is about 1.425% for properties under $500K, higher for above. Combined approximately 1.4-1.825%.
Why This Is the Correct Answer
More Real Estate Math Questions
Find the annual GRM for a 4-unit building in Detroit Michigan with an asking price of $300,000 and gross annual rents of $25,000.
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The buyer gets a $280,000 mortgage in Florida. The intangible tax is:
A property sells for $350,000 in Florida. The documentary stamp tax on the deed is:
- → What is the interest rate on a $200,000 loan requiring an annual interest payment of $8,000?
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- → Jane learns that a lakefront property sold for $700,000 with 400 feet of lake frontage. About how much per front foot?
- → A property is assessed at $250,000. The tax rate is $2.50 per $100. What is the annual tax?
- → A triangular lot has a base of 200 feet and a height of 150 feet. What is the area of the lot?
- → A property sells for $325,000. If the commission is 6%, split equally between listing and selling brokers, what does each broker receive?
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