 This calculator is designed to estimate the real estate tax proration between the home buyer & seller at closing. Most Pennsylvania municipalities and counties bill property owners once a year and assess the property owner on a CALENDAR year. Meaning, the real estate taxes paid are for January 1st to December 31st. Most school districts however, bill property owners on a FISCAL year. Meaning the tax year runs from July 1st of the PREVIOUS year to June 30th of the current year. PA HOME SELLERS: you can estimate and calculate your costs on this page: PA Home Seller | Seller Closing Cost Calculator | Seller Net Proceeds. PA HOME BUYERS: You can estimate and calculate your costs on this page: PA Hm Buyer Purchase Estimate Calculator | Good Faith Estimate (GFE)
CALENDAR YEAR PRORATION
Municipality charges $3,650 per calendar year ($10 per day). Closing is on June 1st. Seller paid the real estate taxes. Calendar year proration: The seller occupied the home from January 1st to May 31st or 151 days. The buyer reimburses the seller from and including June 1st to December 31st which equals 214 days. The buyer will pay the seller $2,140 at closings (214 days X $10 per day). FISCAL YEAR PRORATION
School district charges $3,650 ($10 per day). Closing is on June 1st, 2009 Seller paid the real estate taxes. The school district's billing period is from JULY 1ST 2008 to JUNE 30th 2009. The school district's year runs from the previous year to the current year. The seller occupied the house and is responsible for the school tax from July 1st 2008 to the day before closing or 335 days. The buyer will pay the seller for the settlement date of June 1st to June 30th or 31 days. |
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