Question

if closing occurs on the 89th day of the year, what will be the prorated amount credited from seller to buyer of the property tax bill is expected to be $1,000?

Answer 1

(Tax bill) /(Days in a year)(Days before closing).

= (1000/365)*89 = 243.836.

In simple words, what is property tax?

An individual or other legal body, such as a company, must pay property tax on any real estate they own. Property taxes are most frequently real estate ad-valorem taxes, which are regressive in nature. Wherever the property is located, a local government will compute it, and the owner will pay it.

Why are property taxes significant?

Property tax is assessed, imposed, and paid by property owners to the appropriate municipal authority. It can also be referred as municipal tax or house tax. The tax revenue is used to maintain and improve neighborhood public amenities such sidewalks, roads, sewage systems, parks, lighting, and others.

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