FinancingClosing_costsMEDIUM
At a Kentucky closing, the proration of property taxes is typically calculated:
Correct Answer
B) Using a 365-day (or 366 in leap year) calendar year
Kentucky property tax prorations are typically calculated using the actual calendar year (365 or 366 days). Taxes are generally prorated between buyer and seller based on the closing date.
Answer Options
A
Using a 360-day yearB
Using a 365-day (or 366 in leap year) calendar yearC
Without any prorationD
Only if requested by the buyerWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Related Topics & Key Terms
Related Topics:
property tax prorationclosing statementtaxes in arrearssettlement statementHUD-1/ALTA closing disclosure
Key Terms:
property tax prorationcalendar yeartaxes in arrearsclosing disclosure365-day year
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