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The closing for Sally's home purchase is scheduled for April 20th. Property taxes total $1234.00 a year and have not yet been paid. It comes to $368.51.
First, calculate the daily rate: annual property taxes ($1234.00) / 365 days = $3.38.
Step 2: From January to midnight on the day before closing, the seller will grant the buyer a credit. Determine the precise number of days: 109 days are equal to January 31 plus February 28, March 31, and April 19. Step 3: To arrive at $368.51, multiply the daily rate ($3.3808219178) by the number of days (109).
A landowner's obligation to pay a certain amount to their local municipality or government is known as property tax. The tax is due and payable each year. Real estate assets include residential real estate that is rented to third parties, commercial real estate, and real estate.
Real estate owners are responsible for paying property taxes that are calculated by the local government where the asset is located.
Property tax is calculated based on the value of the asset, which in different nations might be either real estate or tangible personal property.
Learn more about property taxes here:
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