Question

Sally is buying a home and the closing date is set for april 20th. the annual property taxes are $1234.00 and have not been paid yet. how much will the buyer be credited, and the seller be debited?

Answer 1

Sally is buying a home and the closing date is set for April 20th. the annual property taxes are $1234.00 and have not been paid yet. The answer is $368.51.

Step 1: Find the daily rate; property taxes for the year ($1234.00) / 365 days = $3.38.

Step 2: Seller will credit buyer from January through midnight the day before closing. Calculate the exact number of days; January 31 + February 28 + March 31 + April 19 = 109 days Step 3: Multiply the daily rate ($3.3808219178) x Number of days (109) = $368.51

Property tax is the sum that a landowner must pay to the local government or municipal body in their area. Every year, the tax is due and payable. Real estate assets include real estate, commercial real estate, and residential real estate that is rented to third parties.

Owners of real estate must pay property taxes that are computed by the municipal authority where the asset is situated.

Property tax is calculated based on the value of the property, which can be a tangible personal property or real estate in various countries.

Learn more about property taxes here:

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