At closing, the property taxes for the current year are:
A) paid for the entire year by the seller.
B) paid for the entire year by the buyer.
C) prorated (divided between seller and buyer based on their ownership).
D) paid by the title company.

Question

Quizplus · Accepted Answer

Property taxes are typically prorated at closing, meaning they are divided between the seller and the buyer based on the portion of the year each party owns the property.

At Closing, the Property Taxes for the Current Year Are