Transfer Of PropertyRecording_and_taxesEASY
A California property sells for $425,000. The county documentary transfer tax is $1.10 per $1,000 of consideration. The deed is recorded, and the documentary transfer tax stamps appear on the deed. How much is the documentary transfer tax?
Correct Answer
D) $467.50
Step 1: Divide the sales price by $1,000: $425,000 ÷ $1,000 = 425. Step 2: Multiply by the tax rate: 425 × $1.10 = $467.50.
Answer Options
A
$382.50B
$425.00C
$510.00D
$467.50Why This Is the Correct Answer
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Deep Analysis of This Transfer Of Property Question
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Background Knowledge for Transfer Of Property
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Related Topics & Key Terms
Key Terms:
documentary_transfer_taxmathtax_stampsRev_Tax_Code_11911
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