What is the seller's share of taxes if the property closes on May 11 and the taxes are $3,600 per year?

What is the seller's share of taxes if the property closes on May 11 and the taxes are $3,600 per year?

• A. $1,200
• B. $1,282.19
• C. $1,300
• D. $1,374.16

Answer: (B)

To determine the seller's share of the taxes when the property closes on May 11, you first need to calculate the daily rate of taxes based on the annual amount. The total property taxes per year are $3,600. To find the daily tax amount, divide the annual taxes by the number of days in a year (typically 365 days): $3,600 ÷ 365 = $9.86 (approximately). Next, you need to find out how many days the seller is responsible for the taxes. Since the closing occurs on May 11, the seller is responsible for taxes from January 1 through May 11. Counting the days: - January: 31 days - February: 28 days (assuming it's not a leap year) - March: 31 days - April: 30 days - May: 11 days Adding these gives you a total of 31 + 28 + 31 + 30 + 11 = 131 days. Now, multiply the daily tax amount ($9.86) by the number of days (131): $9.86 x 131 = $1,292.26 (approximately). However, to obtain the precise amount, taking into

To determine the seller's share of the taxes when the property closes on May 11, you first need to calculate the daily rate of taxes based on the annual amount. The total property taxes per year are $3,600.

To find the daily tax amount, divide the annual taxes by the number of days in a year (typically 365 days):

$3,600 ÷ 365 = $9.86 (approximately).

Next, you need to find out how many days the seller is responsible for the taxes. Since the closing occurs on May 11, the seller is responsible for taxes from January 1 through May 11.

Counting the days:

• January: 31 days

• February: 28 days (assuming it's not a leap year)

• March: 31 days

• April: 30 days

• May: 11 days

Adding these gives you a total of 31 + 28 + 31 + 30 + 11 = 131 days.

Now, multiply the daily tax amount ($9.86) by the number of days (131):

$9.86 x 131 = $1,292.26 (approximately).

However, to obtain the precise amount, taking into