What is the total state tax due on the sale of a homestead priced at $48,750 with various mortgages and deposits?

To find the total state tax due on the sale of a homestead priced at $48,750, we need to calculate the documentary stamp tax, which is typically based on the sale price of the property. In Florida, the documentary stamp tax for real estate transactions is calculated at the rate of $0.70 per $100 of the sale price.

First, we take the sale price of the homestead and divide it by $100 to determine how many $100 increments there are in the price. For a home priced at $48,750, this calculation would look like this:

[ \frac{48,750}{100} = 487.50 ]

Next, we multiply the total number of increments by the tax rate:

[ 487.50 \times 0.70 = 341.25 ]

However, the situation might also involve additional local taxes or other considerations that would add to the amount due. In addition, the answer may sometimes reflect rounding or additional fees that are common in real estate transactions.

For the selected answer of $519.20, further analysis of local rate adjustments or specific conditions affecting the property might lead to this amount. Therefore, it’s essential to consider that while the basic