A transfer tax is charged at $2.75 per $1,000 of sale price. If the property sells for $445,000, what is the transfer tax?
Correct Answer
C) $1,223.75
Taxable units = $445,000 ÷ 1,000 = 445. Transfer tax = 445 × 2.75 = $1,223.75.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An abstract of title is a condensed history of all recorded documents and proceedings that affect the title to a specific parcel of real property. It is a summary, not a guarantee, of title condition.
Actual notice means a person has direct, personal knowledge of a fact or interest in real property. This can come from being told, seeing something firsthand, or any form of direct awareness.
Adverse possession is a legal doctrine that allows a person to claim ownership of land by occupying it continuously for a statutory period under specific conditions, without the true owner's permission.
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