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In todays video, Im gonna show you how to calculate or prorate real estate property taxes using the 360 or the 30 day year, which is different than another way that you can calculate property taxes using the 365 day method. Now, I did a video already on how to calculate property taxes using the 365 day year. Theres a link right up here in the upper right-hand corner of your screen. Click on that little eye if you wanna watch that one before you watch this one. All right, so lets jump right in to todays problem. Tim purchased 123 Main Street. Annual taxes on the property is $1,600 for the calendar year and the seller has prepaid the taxes through December 31st. If closing is September 17th, what amount of taxes will be prorated at closing? Proration is based on a 360 day/30 day year. The day of closing is the responsibility of the seller. Okay, we have all the information that we need to make our proration calculations. Now, anytime youre doing prorations, as I have said in the ot
