1. Lesson 6: Part II Property Tax Adjustment
Pay your part of the property taxes for the remainder of the year when you just moved into a house.
Count the months after your ‘possession date’ until Dec. 31.
Your payment = Annual tax bill x
See example 2 in the booklet.

2. If you move in before June 30 you will have to pay the whole year’s taxes, then get money back for the first part of the year when you didn’t live there yet.

3. Assignment:
Calculate how much tax you owe the previous owners who already paid this whole year’s taxes before you moved in:
1)You moved in on July 1 and this year’s taxes were $2400.
2)You moved in on Oct. 1 and this year’s taxes were $3600.
3)You moved in on Halloween and this year’s taxes were $3000.

4. 4)You moved in on Valentine’s Day & this year’s taxes were $5000.
a) Although you have to pay for the whole year on June 30, how much tax do you really owe for the months you will live there?
(Hint: Feb. 14 – Dec. 31)
b) But, since you paid the full annual amount on June 30, how much do you get back?

5. Answers:
1) $1200 2) $900 3) $500 4) a) $4375 owing for 10.5 months. b) Paid full year taxes, so they will be reimbursed $625 for the first 1.5 months.