In the closing costs described, what is the amount listed for city and county taxes?

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Multiple Choice

In the closing costs described, what is the amount listed for city and county taxes?

Explanation:
City and county taxes are the local ad valorem taxes on the property, and at closing they’re prorated so the buyer pays for the portion after closing while the seller covers the portion up to closing. In the closing statement described, the line item for city and county taxes shows 760, which is the prorated tax amount allocated to be paid at closing. This figure reflects the specific closing date and tax period in the example, representing the amount due for that tax period as of closing. The other numbers would correspond to different line items or different proration details and don’t match the tax line in this scenario.

City and county taxes are the local ad valorem taxes on the property, and at closing they’re prorated so the buyer pays for the portion after closing while the seller covers the portion up to closing. In the closing statement described, the line item for city and county taxes shows 760, which is the prorated tax amount allocated to be paid at closing. This figure reflects the specific closing date and tax period in the example, representing the amount due for that tax period as of closing. The other numbers would correspond to different line items or different proration details and don’t match the tax line in this scenario.

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