A property in Morgantown, West Virginia sells for $280,000. The county in which the property is located imposes the maximum additional county transfer tax permitted under West Virginia law, in addition to the state transfer tax. What is the total real estate excise tax (transfer tax) due at closing?
Correct Answer
B) $924.00
Step 1 — Determine the number of $500 units: $280,000 ÷ $500 = 560 units (exactly divisible, no fraction). Step 2 — Calculate state transfer tax: 560 × $1.10 = $616.00. Step 3 — Calculate county transfer tax (maximum additional rate of $0.55 per $500): 560 × $0.55 = $308.00. Step 4 — Total transfer tax: $616.00 + $308.00 = $924.00. Under West Virginia law, the state imposes $1.10 per $500 of consideration and counties may impose an additional $0.55 per $500, for a combined maximum rate of $1.65 per $500.
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Related Topics & Key Terms
Key Terms:
Related Concepts
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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