Real Estate Math
A buyer closes on a Florida property on March 15. Annual property taxes of $3,650 have not yet been paid. Using a 365-day year, what is the seller's tax proration credit to the buyer at closing?
A$609.17
B$730.00✓ Correct
C$1,460.00
D$3,041.10
Explanation
Days from January 1 to March 14 (seller's days) = 31 (Jan) + 28 (Feb) + 14 (Mar) = 73 days. Daily tax rate = $3,650 ÷ 365 = $10/day. Seller's proration credit to buyer = 73 × $10 = $730.00.
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