Real Estate Math
Annual property taxes on a Missouri home are $3,600. If taxes are prorated at closing on June 30 (seller responsible through closing), how much does the seller owe?
A$1,200
B$1,800✓ Correct
C$1,600
D$1,950
Explanation
June 30 = 6 months into the year. Seller's portion = $3,600 × (6/12) = $1,800. Using the values given ($3,600), apply the appropriate formula.. The correct answer is $1,800.. This is a common calculation on the Missouri real estate exam.
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