For a residential real estate sale priced at $250,000, Nebraska's documentary stamp tax would be calculated at:
Correct Answer
B) $2.25 per $1,000 of consideration
Under Neb. Rev. Stat. § 76-901, Nebraska imposes a documentary stamp tax on real estate transfers. For consideration up to $1,000,000, the rate is $2.25 per $1,000. For consideration exceeding $1,000,000, the rate increases to $3.75 per $1,000 on the amount over $1,000,000. For this $250,000 residential sale — well under the $1,000,000 threshold — the applicable rate is $2.25 per $1,000, resulting in a total tax of $562.50.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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