In a closing statement, which statement best describes the proration of property taxes?

In a closing statement, which statement best describes the proration of property taxes?

• A. Taxes are prorated based on the portion of the year each party owned the property.
• B. Taxes are paid in full by the seller at closing.
• C. Taxes are paid by the buyer only after one year.
• D. Taxes are not prorated in typical closings.

Answer: (A)