Transfer Of TitleTaxesMEDIUM
A deed for property in Greenville recites consideration of $287,450.00. Using North Carolina's statewide conveyance tax rule of $1 per $500 or fractional part, what tax is due on the conveyance?
Correct Answer
C) $575.00
Use the stated North Carolina formula or contract assumption: ceil(287450 / 500) × $1 = 575 × $1 = $575.00. That calculation produces the correct amount.
Answer Options
A
$574.00B
$576.00C
$575.00D
$577.00Why This Is the Correct Answer
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Why the Other Options Are Wrong
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Deep Analysis of This Transfer Of Title Question
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Background Knowledge for Transfer Of Title
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Related Topics & Key Terms
Key Terms:
conveyance_taxcore_rules_and_definitionsdifficulty_3fractional_partmathnc_conveyance_tax_one_per_five_hundrednc_property_tax_conveyance_taxnc_statenorth_carolina
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