If real property is sold during the year, the property taxes must be allocated between the buyer and seller based on the number of days the property was held by each party.

Question

Quizplus · Accepted Answer

This is true because property taxes are typically prorated at the close of the sale based on the number of days each party owned the property during the tax year. This ensures that each party pays their fair share of property taxes for the time they owned the property.

If Real Property Is Sold During the Year, the Property