A PA property closes on September 1. The annual property tax is $6,000, with the tax year running January 1 through December 31. The seller has prepaid the full year's taxes. Using a 365-day year, how much should the buyer reimburse the seller at closing for the unused portion of prepaid taxes?
Correct Answer
A) $2,005.48
The seller owns the property from Jan 1 through Aug 31 = 243 days. The buyer owns from Sep 1 through Dec 31 = 122 days. Buyer reimburses seller for the remaining 122 days: $6,000 × 122 / 365 = $2,005.48 (rounded to nearest cent).
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A homeowner in a PA school district qualifies for the Homestead Exclusion of $15,000. The property's assessed value is $180,000. The school district millage rate is 25 mills. What is the homeowner's school district tax after the exclusion?
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