Since property taxes are paid in arrears, the buyer will be responsible for paying them after closing. Suppose that the closing date on the home for sale is February 28ᵗʰ of a leap year (e.g., 2012, 2016, etc.). How many calendar days would the seller be responsible for when calculating his/her share of the property tax owed for the year in which the home was sold?
A) 58 days
B) 59 days
C) 307 days
D) 308 days

Question

Quizplus · Accepted Answer

In a leap year, February has 29 days. Since the closing is on February 28th, the seller would be responsible for the property taxes for the first 58 days of the year (31 days in January + 27 days in February, as the buyer would take over starting from February 28th).

Since Property Taxes Are Paid in Arrears, the Buyer Will