In Lawrence County, the Real Property Tax Year Is the Calendar

question 55

Multiple Choice

In Lawrence County, the real property tax year is the calendar year.The real property tax becomes a personal liability of the owner of real property on January 1 in the current real property tax year (assume that this year is not a leap year) .The tax is payable on June 1.On May 1, Reggie sells his house to Dana for $350,000.On June 1, Dana pays the entire real estate tax of $7,950 for the year ending December 31.Assuming that Reggie itemizes his deductions and the $10,000 limit on state and local taxes does not apply, how much of the property taxes may Reggie deduct?

• A)$0
• B)$2,614
• C)$2,625
• D)$7,950
• E)None of these

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Definitions:

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