Transfer Of TitleTaxesEASY
A firm owner in Greenville is updating the policy manual on North Carolina tax calculations, conveyance tax, and prorations. Which statement best applies under current North Carolina law?
Correct Answer
A) Under Form 2-T, real property taxes are ordinarily prorated on a calendar-year basis as of settlement unless the parties agree otherwise.
Under Form 2-T, real property taxes are ordinarily prorated on a calendar-year basis as of settlement unless the parties agree otherwise.
Answer Options
A
Under Form 2-T, real property taxes are ordinarily prorated on a calendar-year basis as of settlement unless the parties agree otherwise.B
Form 2-T always prorates taxes on the county fiscal year instead of the calendar year.C
Tax proration is never adjusted at settlement in North Carolina under current North Carolina rulesD
The seller always pays the full annual tax regardless of settlement date.Why This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
closing_creditscore_rules_and_definitionsdifficulty_1nc_property_tax_conveyance_taxnc_statenc_tax_calculations_conveyance_and_proration_scenariosnorth_carolinaproperty_tax_mathproration
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