Use google to find out how CA RE taxes are prorated (references sources!). Suppose any tax payments are made on the due date, and the annual tax bill is $12,000. Compute who owes who (seller vs buyer) and how much if closing is

(a) [4pts] on December 22, and

(b) [3pts] September 10.

(c) [4pts] If the tax rate is 10 mills, and the property sold for $1.5 million, how big is the supplemental tax bill in each case? Assume the new assessed value is the purchase price. Also assume that the tax rolls for subsequent fiscal years are updated, so that the tax on the new assessed value is rolled into the regular tax bill for the new fiscal year

(c) [4pts] If the tax rate is 10 mills, and the property sold for $1.5 million, how big is the supplemental tax bill in each case? Assume the new assessed value is the purchase price. Also assume that the tax rolls for subsequent fiscal years are updated, so that the tax on the new assessed value is rolled into the regular tax bill for the new fiscal year.