Real Estate Math
A Louisiana property taxes are $3,600/year. They are prorated at closing on April 15. How much of the tax year (January 1 to April 15) is attributed to the seller?
A$900
B$1,050✓ Correct
C$1,200
D$1,350
Explanation
January (31) + February (28) + March (31) + April 1–15 (15) = 105 days. Daily rate = $3,600 ÷ 365 = $9.8630/day. Seller's portion = 105 × $9.8630 = $1,035.62 ≈ $1,050 (using 30/360 method: 3 months + 15 days = 3.5 months; $3,600 × 3.5/12 = $1,050).
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