Real Estate Math (alternative)
A Maryland property closing is set for September 15. Annual taxes of $3,650 are paid in arrears. The seller owns the property January 1 through September 14 (257 days). Daily tax rate is $3,650 ÷ 365 = $10/day. Seller's proration is:
A$2,556
B$2,570✓ Correct
C$2,560
D$2,650
Explanation
257 days × $10/day = $2,570 owed by the seller for their portion of the tax year (debit to seller, credit to buyer at closing).
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