Real Estate Math
An Arizona property has an annual property tax bill of $3,600. The tax is paid in two installments. The seller is closing on October 1. Using a 365-day proration, how many days of taxes has the seller already 'used' (January 1 through September 30)?
A243 days
B270 days
C273 days✓ Correct
D260 days
Explanation
January (31) + February (28) + March (31) + April (30) + May (31) + June (30) + July (31) + August (31) + September (30) = 273 days. The seller owes 273/365 × $3,600 ≈ $2,692 in taxes as a credit to the buyer at closing.
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