PROPERTY TAX PRORATION & CALCULATORE-mail - AnytimeEstimate | Bookmark This Website | Send Link |
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This calculator is designed to estimate the real estate tax
proration between the home buyer & seller at closing. This
proration calculator should be useful for annual, quarterly, and
semi-annual property tax proration at settlement (calendar &
fiscal year). Simply close the closing date with the drop down
box. Then, enter the local, county, and school tax amount and
enter the tax period (i.e. FROM - 1/1/2011 TO - 12/31/2011).
Choose paid or not paid. This calculator will count days owned
and per diem tax cost.
Click outside the box to "lock in" your choice or use the tab key 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. CALENDAR YEAR PRORATION EXAMPLE: 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). Top of Page FISCAL YEAR PRORATION EXAMPLE: 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. Top of Page 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) |
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