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Property Tax Proration

Property Tax Proration Example

Example of a proration of property taxes 

 

Property tax of the parcel or home for the complete year:

 

$2,760.00

 

Closing date:

 

April 30th

 

number of days seller owned the property (Jan 1 - April 30)

 

120 Tage

 

Calculation based on 360 days per year: 2760:360x120

 

Seller's prorated amounht of the property tax

 

$920.00

 

 

The Buyer receives a tax credit on the Settlement Statement at closing in the amount of $920.00.

 

At the end of the year the buyer has to pay the full year tax. This way he effectively only paid the difference of $1,840.00 for the 8 months he owned it starting May 1.
 

 

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