Escrow & Title
Annual property taxes are $3,600 and are paid in arrears. Closing is on April 30. How much does the seller owe in prorated taxes? (Using 360-day year, 30-day months)
A$900
B$1,200✓ Correct
C$1,500
D$2,400
Explanation
Seller owned property for 4 months (Jan–Apr). Monthly tax = $3,600 ÷ 12 = $300. Seller owes 4 × $300 = $1,200.
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