Homework Answers
A. Annual Property Tax = Property Value * Rate
= 369880.47 * 8.6869%
= $ 32131.1465
B. Monthly Property Tax = Annual Property Tax/12
= 32131.1465/12
= $ 2677.60
C. Calculation of adjustment amount :
Adjustment Date = February 1st
No. of days = 31 days (Jan 1st to Feb 1st)
= Property Tax - Home owners grant
= $ 32131.1465 - 0
= $ 32131.1465
= $ 32131.1465 * 31/365
= $ 2728.95
D. The Buyer will be given $ 2728.95 by the Seller on the Statement of Adjustments so that the Buyer can pay the full taxes when they are due.
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