In Oak Park, Casey Foster is solving this Illinois math problem. An Illinois deed shows a transfer price of $318,250.00. Using the state rate of $0.50 per $500 or fraction thereof, what state transfer tax is due?
Correct Answer
D) $318.50
Divide the price by $500, round up to 637 units, and multiply by $0.50. The state transfer tax is $318.50.
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