How much is the intangibles tax for a home selling at $310,750 using a VA loan with the maximum LTV?

The intangible tax is a fee assessed on certain types of transactions, including the sale of real property using specific financing methods such as VA loans. In Georgia, the intangible tax rate for the transfer of real estate is calculated based on the loan amount.

In this scenario, the home is selling for $310,750 using a VA loan with a maximum Loan-To-Value (LTV) ratio, which typically allows financing for up to 100% of the purchase price. This means the entire selling price of $310,750 would be subject to the intangible tax.

The rate for the intangible tax is approximately $1.50 per $500 of the loan amount. To calculate the tax:

1. Determine how many $500 increments fit into the loan amount of $310,750: [ \frac{310,750}{500} = 621.5 ] Rounding this figure down gives 621 full increments.

2. Multiply the number of increments by the tax rate: [ 621 \times 1.50 = 931.50 ] When dealing with these taxes, it's conventional to round to the nearest whole number, which gives $932.

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