Question

Grant sold his home for $275,000.00. What is the total transfer tax due on the sale?a. $2,062.50.

b. $302.50.
c. $2,365.00.
d. $1,760.00.

Answer 1

b. $302.50.

Step-by-step explanation:

The computation of the total transfer due on the sale is shown below:

As we know that the transfer tax is $0.55 for $500

So for the amount i.e. equivalent to the sale value of the home i.e. $275,000

In this, the total transfer tax due is

= $275,000 ÷ $500 × 0.55

= $302.50

Therefore the option b is correct

And the other options are wrong