Transfer Of TitleTaxesMEDIUM
A training instructor in Boone is preparing an exam-prep note on North Carolina tax calculations, conveyance tax, and prorations. Which statement best applies under current North Carolina law?
Correct Answer
C) 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
Form 2-T always prorates taxes on the county fiscal year instead of the calendar year.C
Under Form 2-T, real property taxes are ordinarily prorated on a calendar-year basis as of settlement unless the parties agree otherwise.D
Tax proration is never adjusted at settlement in North Carolina under current North Carolina rulesWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Related Topics & Key Terms
Key Terms:
closing_creditsdifficulty_3nc_property_tax_conveyance_taxnc_statenc_tax_calculations_conveyance_and_proration_scenariosnorth_carolinaproperty_tax_mathprorationscenario_traps_edge_cases_and_enforcement
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