Real Estate Math
Idaho property taxes are paid in arrears. Closing is October 15. Annual taxes are $4,800. Using the actual number of days (seller owns January 1 through October 15 = 288 days), what is the seller's tax proration?
A$3,386
B$3,789✓ Correct
C$3,221
D$4,112
Explanation
Daily tax rate = $4,800 / 365 = $13.15/day. Seller's days = Jan 1 through Oct 15 = 288 days. Seller's proration = 288 x $13.15 = $3,787.20, approximately $3,789.
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