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Property tax prorations at a Wisconsin closing are typically calculated:

Correct Answer

B) Based on the actual calendar year with the seller paying through the day before closing and the buyer paying from closing day forward

Wisconsin property taxes are typically prorated at closing using the actual calendar year. The seller is responsible for taxes through the day before closing, and the buyer from the closing date forward.

Answer Options
A
Using a 360-day year
B
Based on the actual calendar year with the seller paying through the day before closing and the buyer paying from closing day forward
C
Without proration
D
By the municipality

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Related Topics & Key Terms

Related Topics:

closing costssettlement statementsHUD-1/ALTA closing disclosureproperty tax assessmentWB-11 Offer to Purchase

Key Terms:

property tax prorationactual calendar yearclosing costsWB-11arrears
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