Real Estate Math
A Hawaii escrow closes on March 20. Taxes of $5,400 for the year (January through December) are paid in arrears. How much does the seller owe the buyer as a property tax proration (using a 360-day year)?
A$1,200.0000000✓ Correct
BB. $1,500
CC. $1,395
DD. $1,650
Explanation
Using 360-day year: daily rate = $5,400 / 360 = $15/day. Seller owns days from Jan 1 to March 20 = 79 days (31 + 28 + 20).
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