In Shelby County,the real property tax year is the calendar year.The real property tax becomes a personal liability of the owner of real property on January 1 in the current real property tax year,2011.The tax is payable on June 1,2011.On April 30,2011,Julio sells his house to Anita for $230,000.On June 1,2011,Anita pays the entire real estate tax of $7,300 for the year ending December 31,2011.How much of the property taxes may Julio deduct?

Question

Quizplus · Accepted Answer

Julio is liable for the property taxes from January 1 to April 30, 2011, which is 120 days. The total number of days in the tax year is 365. Therefore, Julio's portion of the property taxes is 120/365 * $7,300 = $2,400.

In Shelby County,the Real Property Tax Year Is the Calendar