A property in the City of Berkeley, California sells for $1,500,000. Berkeley charges a city transfer tax of $15.00 per $1,000 of the sale price (one of the highest in California) in addition to the Alameda County documentary transfer tax of $1.10 per $1,000. What is the TOTAL documentary transfer tax paid on this sale?
Correct Answer
B) $24,150
Step 1: County transfer tax = $1,500,000 / $1,000 × $1.10 = 1,500 × $1.10 = $1,650. Step 2: City transfer tax = $1,500,000 / $1,000 × $15.00 = 1,500 × $15.00 = $22,500. Step 3: Total = $1,650 + $22,500 = $24,150.
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