Transfer Of TitleTaxesEASY
A transaction coordinator in Cary is sorting out a file issue involving North Carolina tax calculations, conveyance tax, and prorations. Which statement best applies under current North Carolina law?
Correct Answer
D) 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
The seller always pays the full annual tax regardless of settlement date.B
Tax proration is never adjusted at settlement in North Carolina under current North Carolina rulesC
Form 2-T always prorates taxes on the county fiscal year instead of the calendar year.D
Under Form 2-T, real property taxes are ordinarily prorated on a calendar-year basis as of settlement unless the parties agree otherwise.Why This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
closing_creditsdifficulty_2nc_property_tax_conveyance_taxnc_statenc_tax_calculations_conveyance_and_proration_scenariosnorth_carolinaproperty_tax_mathprorationscenario_traps_edge_cases_and_enforcement
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