Real Estate Math
In a Maine property tax proration, annual taxes are $4,380 and closing is on April 30. The seller owes how many months of taxes at closing (assuming taxes are paid in arrears and the year runs January–December)?
A3 months
B4 months✓ Correct
C5 months
D8 months
Explanation
The seller owned the property from January 1 to April 30 = 4 months. Seller owes 4 months of taxes.
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