David, a Connecticut real estate salesperson, is working with a buyer client who is under contract to purchase a home. The buyer asks David to explain how property taxes are handled at closing in Connecticut. Which of the following most accurately describes the standard Connecticut practice for prorating property taxes at closing?

Correct Answer

D) Property taxes are prorated between buyer and seller based on the closing date, with the seller responsible for the portion of the tax year before closing

Standard Connecticut closing practice prorates property taxes between buyer and seller based on the closing date. The seller is responsible for the portion of the tax period that falls before and including the closing date, and the buyer is responsible for the period after closing. This proration appears as either a credit to the buyer or a debit to the seller on the closing disclosure, depending on whether taxes have already been paid.