The annual tax bill on a home was $1,282 and was paid on December 31, 2014. The home sold and will close on April 23, 2015. How much will the tax proration be, using a calendar year and prorating to the day of closing?

To determine the tax proration for the home sold before the end of the calendar year, it is important to first calculate the daily property tax amount and then find out how many days of taxes apply to the period the seller owned the property in the new year.

The annual tax amount is $1,282. To find the daily tax rate, divide this amount by the number of days in the year (365):

1. Calculate the Daily Tax Rate:

$1,282 ÷ 365 = $3.51 (approximately).

Next, calculate the number of days the seller owned the property in the new year, from January 1, 2015, until the closing date on April 23, 2015. This period covers:

• January: 31 days

• February: 28 days (2015 is not a leap year)

• March: 31 days

• April: 23 days

Adding these together gives you:

31 + 28 + 31 + 23 = 113 days.

Now, multiply the daily tax rate by the number of days owned after 2014:

2. Calculate the Total Tax for the Days Owned:

$3.51 × 113 days =