Florida Real Estate Practice Exam

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What happens to the seller's portion of property taxes in a closing statement if the closing is in mid-month?

  1. The seller is credited for the month

  2. The seller is debited for the month

  3. The buyer pays the full month's taxes

  4. The taxes are waived for the month

The correct answer is: The seller is debited for the month

In a closing statement, the seller's portion of property taxes is debited if the closing is in mid-month. This means that the seller is responsible for paying their portion of property taxes for the period of time they owned the property, typically up until the date of closing. Option A is incorrect because the seller is not credited for the full month if the closing is in the middle of the month. Option C is incorrect because the buyer is not responsible for paying the seller's portion of property taxes. Option D is incorrect because property taxes are never waived, regardless of the closing date.

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