Real Estate Math
A Wyoming real estate transaction closes on July 10. The annual property tax of $3,600 has NOT been paid. Using a 365-day year, how much does the seller owe the buyer in property tax proration?
A$891
B$10✓ Correct
C$2,671
D$3,600
Explanation
Days the seller owned the property in the tax year (Jan 1 - Jul 10) = 31 + 28 + 31 + 30 + 31 + 30 + 10 = 191 days. Daily rate = $3,600 / 365 = $9.863/day. Seller's portion = 191 x $9.863 = approximately $1,884.
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