Since Property Taxes Are Paid in Arrears, the Buyer Will

Multiple Choice

Since property taxes are paid in arrears, the buyer will be responsible for paying them after closing. Suppose that the closing date on the home for sale is February 28ᵗʰ of a leap year (e.g., 2012, 2016, etc.) . How many calendar days would the seller be responsible for when calculating his/her share of the property tax owed for the year in which the home was sold?

A) 58 days
B) 59 days
C) 307 days
D) 308 days