A California parcel described as the SW 1/4 of the NE 1/4 of Section 12, T3N, R5W, San Bernardino Base and Meridian, sells for $15,000 per acre. What is the county documentary transfer tax due at recording?
Correct Answer
C) $660
First, calculate the parcel size: SW 1/4 of the NE 1/4 = 640 ÷ 4 ÷ 4 = 40 acres. Sale price: 40 acres × $15,000 = $600,000. California's county documentary transfer tax rate is $1.10 per $1,000 of consideration. Tax: ($600,000 ÷ $1,000) × $1.10 = 600 × $1.10 = $660.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A nonconforming use is a property use that was legally established before a zoning change but no longer complies with the current zoning ordinance. It is commonly called a "grandfathered" use.
A planned unit development (PUD) is a zoning classification that allows mixed land uses (residential, commercial, recreational) within a single development with flexible zoning standards. Homeowners typically own their lot and share common areas.
Police power is the government's authority to enact laws and regulations to protect the public health, safety, morals, and general welfare. It is the broadest power government has over private property.
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