Real Estate Math
A buyer in Alaska closes on October 1. Annual property taxes of $3,600 have not yet been paid for the current year. Using a 360-day year (30 days per month), the seller owes the buyer a tax proration credit of:
A$2,700✓ Correct
B$2,880
C$2,295
D$3,000
Explanation
Seller owned property Jan 1 through Sept 30 = 9 months. Daily tax = $3,600 ÷ 360 = $10/day.
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