If the monthly property tax rate is $74.15 and the closing is on April 30, what will the seller owe at closing if no payments have been made?

To determine the amount the seller owes at closing for property taxes, you first need to understand how many months of tax are owed. Since the property tax is assessed monthly at a rate of $74.15, you need to calculate how many months have elapsed since the last payment was made.

If the closing date is April 30 and no payments have been made, you must account for the months from January through April, which totals four months. To calculate the total owed at closing, you multiply the monthly property tax by the number of months owed:

Monthly property tax ($74.15) multiplied by 4 months results in a total of $296.60.

This calculation reflects that, since the seller has not made any payments during those four months, they are responsible for settling the total amount of property tax accrued up to the date of closing. The correct answer is therefore $296.60, which matches the price listed as the first option.