Question

Faye is a buyer who pays the sellers' property taxes that are owed prior to closing. the sellers have agreed to reimburse her. this means the taxes are ______.

Answer 1

This means that the taxes are property that has a determinable useful life of more than one year.

Property taxes are levies paid to state, county, and different local governments that, in turn, pay for municipal services like water and sewer line maintenance, road upkeep, and local schools. However, depending on where you reside and when you close, these expenses may change.

Property taxes are often paid at closing by both the buyer and the seller in real estate transactions. The seller will often pay a prorated amount for the period of time they have occupied the property since the start of the new tax year. A prorated amount of property taxes will also be paid by the buyer to cover those costs for the remainder of that tax year.

Learn more about property taxes here:

https://brainly.com/question/1535083

#SPJ4