Help me with this real estate calculation

Cameron Hoehne

New member
Joined
Jul 25, 2019
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3
I can't for the life of me (not a math guy) figure out why this calculation can equal $2,136.99. Please explain.

"If the annual tax rate is 1 percent, then you would find the daily tax rate by dividing .01 by 365, for a daily tax rate of 0.0027397 percent. Further suppose that the closing occurs on Sept. 18, the 261st day of the year. The sellers owe tax for 260 days (i.e., 261 - 1). The buyers are on the hook for 105 days (i.e., 365 - 260). If the assessed value of the property is $300,000, then the annual tax bill is $3,000. The sellers’ prorated tax bill is ($300,000 x 0.0027297%/day x 260 days), or $2,136.99."
 
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