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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Here's my quick calculation... Posted by Ward-CA- on December 12, 2003 at 11:36 PM In Reply to: Ward, quick follow-up ? posted by Elsa-CA on December 12, 2003 at 0:33 AM : Thanks for your reply, it was great. But I'm confused about the "T" concept. For example, a competitor of mine recently had a grant deed showing $341 (county tax) and $1,395 (city transfer tax). My county tax rate is $1.10 (LA) How does this compute? My calculations were very,very wrong! Thanks a bunch. ======================= Elsa, The county and city transfer taxes are separate levies figured on the same item. So just take the transfer tax paid to the county. In this case it was $341 dollars. Divide that sum by the county tax rate of $1.10 per thousand dollars of seller's equity and it will tell you that the seller's equity amounted to $310K. If a new 1st lien replaced all other liens against the property at the time of the sale then the house sold for $310,000 dollars. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Thanks for your reply, it was great. But I'm confused about the "T" concept. For example, a competitor of mine recently had a grant deed showing $341 (county tax) and $1,395 (city transfer tax). My county tax rate is $1.10 (LA) How does this compute? My calculations were very,very wrong! Thanks a bunch. : ======================= : Elsa, : The county and city transfer taxes are separate levies figured on the same item. So just take the transfer tax paid to the county. In this case it was $341 dollars. Divide that sum by the county tax rate of $1.10 per thousand dollars of seller's equity and it will tell you that the seller's equity amounted to $310K. If a new 1st lien replaced all other liens against the property at the time of the sale then the house sold for $310,000 dollars. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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