If the monthly property tax rate is $74.15 and the closing is on April 30, what will the seller owe at closing?

To determine what the seller will owe at closing for property taxes, you first need to calculate the number of months left in the property tax year from the closing date. In this scenario, the closing occurs on April 30, which means there are eight months remaining in the tax year: May, June, July, August, September, October, November, and December.

The monthly property tax rate is given as $74.15. To find the total amount the seller owes from the closing date until the end of the tax cycle, you can multiply the monthly tax rate by the number of months remaining.

So, the calculation would be:

$74.15 (monthly tax rate) x 8 (months) = $593.20.

However, if the question specifies what the seller owes only for the days left in the month of April that they are closing, one needs to account for just the day of closing. Since the seller is responsible for taxes up until closing day, they owe for the time they've owned the property that month, which in this case is April.

Given that April has 30 days and the closing is on the last day, the seller owes for the entire month of April in property taxes. Thus, they are