A property in Ohio sells on April 1. Annual property taxes are $5,400, and the seller has already paid the full first-half installment covering January through June. Using a calendar-year proration, how much does the buyer owe the seller for the prepaid portion?
Correct Answer
A) $1,350
Step 1: Monthly tax = $5,400 / 12 = $450. Step 2: Seller prepaid Jan-Jun ($2,700). Seller owned Jan-Mar (3 months). Buyer owes for Apr-Jun (3 months). Step 3: Buyer owes seller 3 × $450 = $1,350.
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