Real Estate Math
Annual property taxes on a Mississippi home are $3,600. If the closing is June 30 (end of month 6), how much of the annual tax does the seller owe (using 12-month proration)?
A$1,800✓ Correct
B$2,100
C$1,500
D$2,400
Explanation
Seller owns January through June = 6 months. Proration = $3,600 × (6/12) = $1,800.
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