Hi!
I need a formula to prorate real estate taxes that are paid in arrears. Here's the story:
We are closing on a property (settlement date) is 9/30/21
Taxes are paid in arrears in my state.
01/01/21 - 06/30/21 due 12/10/21
07/01/21 - 12/31/21 due 04/10/21
So if the full year taxes are $4000 then the first half would be due at the end of the year and the second half due next year. The seller would owe the buyer around $2600 at closing.
Also, is there a way that the dates could continually update or maybe instead of using dates we use days so that it will always be up-to-date. I'm trying to create a form that even a beginner could use without fail.
Thank you!
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