Question

On january 1, george paid the $2,345 in taxes for the current year. if he sold the property on june 23 of that same year, how much would he be credited at closing? (use a 360-day year.)

Answer 1

June 23 is the 174th day of a non-leap year. 174 is 48.3% of 360, therefore George should pay 48.3% of $2,345 to the Government. The government thus owes George, and should credit him 51.7% of $2345, which amounts to $1212.37