FinancingChicago_real_property_transfer_tax_current_ratesMEDIUM
An Illinois exam-prep workbook gives this calculation. A Chicago property sells for $560,000.00. What city transfer tax is charged to the seller at $1.50 per $500?
Correct Answer
A) $1,680.00
Round the price up to 1120 units of $500 and multiply by $1.50. The seller's Chicago city tax is $1,680.00.
Answer Options
A
$1,680.00B
$1,805.00C
$1,555.00D
$1,930.00Why This Is the Correct Answer
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Why the Other Options Are Wrong
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Deep Analysis of This Financing Question
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Background Knowledge for Financing
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Real World Application in Financing
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Related Topics & Key Terms
Key Terms:
calculationchicagochicago_real_property_transfer_tax_current_rateschicago_transfer_tax_750_per_500difficulty_3illinois_statemathseller_city_taxtransfer_tax
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