Transfer Of TitleTaxesMEDIUM
An office manager in Carrboro is preparing an exam-prep note on North Carolina tax calculations, conveyance tax, and prorations. Which statement best applies under current North Carolina law?
Correct Answer
A) North Carolina conveyance tax math turns on the $1 per $500 or fractional-part formula, so odd-dollar prices still round up.
North Carolina conveyance tax math turns on the $1 per $500 or fractional-part formula, so odd-dollar prices still round up.
Answer Options
A
North Carolina conveyance tax math turns on the $1 per $500 or fractional-part formula, so odd-dollar prices still round up.B
Conveyance tax rounds down to the last full $500 under current North Carolina rulesC
Conveyance tax uses the annual county millage rate under current North Carolina rulesD
Conveyance tax is computed from assessed value rather than consideration or value conveyed.Why This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
conveyance_tax_mathdifficulty_3fractional_partmathnc_property_tax_conveyance_taxnc_statenc_tax_calculations_conveyance_and_proration_scenariosnorth_carolinascenario_traps_edge_cases_and_enforcement
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