Transfer Of TitleTaxesEASY
A buyer representative in Winston-Salem is preparing an exam-prep note on the North Carolina conveyance tax at $1 per $500. Which statement best applies under current North Carolina law?
Correct Answer
B) North Carolina conveyance tax is imposed at $1 for each $500 or fractional part of the consideration or value conveyed.
North Carolina conveyance tax is imposed at $1 for each $500 or fractional part of the consideration or value conveyed.
Answer Options
A
North Carolina conveyance tax is $1 for each full $1,000 only.B
North Carolina conveyance tax is imposed at $1 for each $500 or fractional part of the consideration or value conveyed.C
North Carolina conveyance tax is calculated by rounding down to the nearest $500.D
North Carolina has no statewide conveyance tax under current North Carolina rulesWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Related Topics & Key Terms
Key Terms:
1_per_500conveyance_taxdifficulty_1fractional_partnc_conveyance_tax_one_per_five_hundrednc_property_tax_conveyance_taxnc_statenorth_carolinatiming_forms_exceptions_and_authority
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