Real Estate MathProrationsMEDIUM
Property taxes on a Texas home are $6,000 per year. The sale closes on April 1. How much does the seller owe for prorated taxes?
Correct Answer
A) $1,500
Seller owns for 3 months (Jan-Mar). $6,000 ÷ 12 = $500/month × 3 months = $1,500.
Answer Options
A
$1,500B
$4,500C
$3,000D
$2,000Video Explanation3 min
Audio Lesson3 min
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Related Topics & Key Terms
Related Topics:
proration-closing-coststexas-closing-proceduresseller-closing-costs
Key Terms:
property tax prorationTexas ad valorem taxclosing dateseller's shareTREC contract
Related Concepts
Converting a percentage to a decimal involves dividing the percentage value by 100.
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