To determine the documentary stamp taxes for a given property value, which step comes first?

The first step in determining the documentary stamp taxes for a property value is to divide the value by 100. This initial calculation is crucial because documentary stamp taxes are typically assessed at a specific rate per $100 of property value. By dividing the total property value by 100, you establish a clear basis for calculating the tax that is applied later. This division allows for easier manipulation of the value in subsequent calculations, such as when multiplying by the tax rate. Starting with this step sets up the correct framework for accurately determining the total tax obligation associated with the property transfer.