Real Estate Math
A prorated property tax credit is given to the buyer at closing. If the annual tax is $3,650 and closing is on March 1 (59 days into the year), the seller's share of taxes is approximately:
A$365
B$590✓ Correct
C$1,825
D$729
Explanation
Daily tax = $3,650 divided by 365 = $10/day. Seller's days = 59 (Jan 1 through Feb 28). Seller's share = 59 x $10 = $590.
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