Abuyer is closing on the purchase of a residence. the taxes for the year are estimated to be $4,780. the closing date is january 16, and the day of closing belongs to the buyer. using the 365-day method, what is the proration?

For seller = $196.44

For buyer = $4583.56

Explanation:

Data provided in the question:

Taxes for the year = $4,780

Date of closing = January 16

since the day of closing belongs to the buyer therefore the seller owns the tax for 15 days only

Per day tax = [ Taxes for the year ] ÷ 365

= $4,780 ÷ 365

= $13.095 per day

Hence,

Proration will be

for seller = $13.095 per day × 15 days

= $196.44

For buyer = $4,780 - $196.44

= $4583.56

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