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15 July, 18:18

Waldo is buying Marianne's house. The closing date (day belongs to seller) of the sale transaction is September 1 (day 244 of the year). Current Year real estate taxes are $1,100 (will be billed to buyer next year). Use the 365-day method for prorating. What is Marianne's share of the real estate taxes

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  1. 15 July, 20:02
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    Answer: $735.34

    Explanation:

    Current year tax = $1,100

    Using the 365-days method of prorating,

    Daily tax for the current year = $1,100 : 365 = $3.0137

    Since closing date of the sale transaction is September 1 of the current year, Marianne's share of the real estate tax will be from January 1st - August 31st of the present year, which equals 244 days

    Therefore, Marianne's share of the real estate tax = $3.0137 * 244 = $735.34
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