Before purchasing investment property, an interested buyer can go to the tax assessor's office to find the taxes to be paid on the property. Using a computer provided for this purpose, the assessor can find the assessed value of the property, the tax rate, and the tax. If the property is purchased before the end of the tax year, the seller will pay the taxes only for the number of days the seller owns the land. This amount is called the seller's pro ram share of the annual taxes and can be found by dividing the annual taxes by 365 days to get the taxes due per day and then multiplying by the number of days the land is owned during that tax year by the seller. The buyer also pays a pro rata share.
Dan is interested in buying a piece of investment property. The market value is $30,500 and the assessment rate is 18% of the market value. Dan found the city tax rate to be 92.7 mills per $1.00 of assessed value and the county rate to be 138.4 mills per $1.00 of assessed value. Dan buys the land on April 13. What is Dan's pro rata share of the property taxes? The tax years for both the city and the county start and stop at the same time?