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A Palm Beach County property is being sold for $98,350 and the buyer is taking title subject to an existing mortgage in the amount of $61,220. What is the total amount of taxes due in this transaction

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abiolataiwo2015

The  total amount of taxes due in this transaction is: $688.80.

Total amount of taxes

State documentary or stamp tax on deed is calculated at rate $.70 per $100 of value

First step

Tax units=$98,350 ÷ $100

Tax units = 983.5

Tax units=984 (Approximately)

Second step

Documentary stamp tax = 984x $.70 cents

Documentary stamp tax   = $688.80 (debit to the seller)

Therefore the total amount of taxes due in this transaction is: $688.80.

Learn more about Total amount of taxes here:https://brainly.com/question/25844719

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