Property taxes are $5,475 per year. A property closes on March 20. Using a 365-day year and the day of closing belonging to the buyer, how many days of taxes does the seller owe?
Correct Answer
C) 78
The seller owns January 1 through March 19 (day of closing belongs to the buyer). January = 31 days, February = 28 days, March 1-19 = 19 days. Total = 31 + 28 + 19 = 78 days.
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