Real Estate Math
The prorated daily property tax credit owed to a buyer at closing, if annual taxes are $3,650 and the seller has owned the property for 219 days of the year, is:
A$1,095
B$2,190✓ Correct
C$2,555
D$3,650
Explanation
Daily tax = $3,650 ÷ 365 = $10/day. Credit = $10 × 219 days = $2,190.. Actually seller owes for 219 days: $10 × 219 = $2,190. The credit to the buyer is $2,190.
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