If a seller paid $1,140 in annual property tax on February 1 and sold the house on April 1, what will be the seller's credit for property taxes?

To determine the seller's credit for property taxes, it is essential to first ascertain the daily property tax rate and then calculate the amount of tax that applies to the period the seller owned the property up to the date of the sale.

The seller paid $1,140 in annual property tax, which breaks down to a daily rate. There are usually 365 days in a year, so the daily property tax is calculated as follows:

1. Divide the annual tax by 365 days:

$1,140 / 365 = approximately $3.12 per day.

Next, we find out how many days the seller owned the property from February 1 to April 1. In this case, February has 28 days (assuming it's not a leap year), and March has 31 days. Therefore, the total number of days the seller owned the property is:

• 28 days in February

• 31 days in March

• 1 day in April (the date of sale)

Adding these gives:

28 + 31 + 1 = 60 days.

To find the total tax for these 60 days, we multiply the daily tax rate by the number of days the seller owned the property:

$3.12