When proration is applied to closing costs, how much will the seller be credited for property taxes if the total annual tax is $1,949?

To determine how much the seller will be credited for property taxes when proration is applied, you first need to calculate the daily property tax expense based on the total annual tax amount of $1,949.

Begin by dividing the annual tax by the number of days in a year (typically 365). This gives the daily amount:

[ \text{Daily tax} = \frac{1,949}{365} \approx 5.34 \text{ per day} ]

Next, identify how many days of the tax year the seller is responsible for up to the closing date. Assuming the closing occurs on the 1st of a month, the seller would be responsible for property taxes up to the end of the month, which is typically 11 months (or 334 days of the year).

Now, calculate the total amount the seller is accountable for:

[ \text{Seller's portion} = \text{Daily tax} \times \text{Number of days responsible} = 5.34 \times 334 \approx 1,782.72 ]

Therefore, to find how much the seller is credited, you need to subtract the seller's portion responsible from the total annual amount. Since the seller has paid