Real Estate Math
A Mississippi property's annual property taxes are $4,800. The property closes on March 15. If taxes are paid in arrears and the fiscal year is January 1 to December 31, the seller's proration credit to the buyer (using a 365-day year) for days Jan 1 through March 15 is approximately:
A$600.00
B$973.15✓ Correct
C$1,200.00
D$395.07
Explanation
Days seller owes (Jan 1 – Mar 15): January = 31, February = 28, March 1–15 = 15. Total = 74 days.
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