Transfer Of TitleTaxesHARD
A closing-file reviewer in Concord is answering a client question about the North Carolina conveyance tax at $1 per $500. Which statement best applies under current North Carolina law?
Correct Answer
D) The conveyance tax is associated with the deed conveyance and recording process, not with annual ad valorem property taxation.
The conveyance tax is associated with the deed conveyance and recording process, not with annual ad valorem property taxation.
Answer Options
A
Conveyance tax replaces all deed recording fees under current North Carolina rulesB
Conveyance tax is just another name for the yearly county property tax bill.C
Conveyance tax is prorated like annual ad valorem taxes under current North Carolina rulesD
The conveyance tax is associated with the deed conveyance and recording process, not with annual ad valorem property taxation.Why This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
conveyance_taxdifficulty_4excise_taxnc_conveyance_tax_one_per_five_hundrednc_property_tax_conveyance_taxnc_statenorth_carolinarecordingscenario_traps_edge_cases_and_enforcement
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