Property tax calculation

[Pearce G.]

OK, fellow math geeks.  I’ll keep it simple…

You bought a property for 100K.  A house on 1 acre.  You paid 1K in property tax last year.

This year, you subdivided into two half-acre sub-parcels…one with the house and one just vacant land.

Exactly halfway through the year, you sell the house to one buyer for 100K and the vacant land to a different buyer for 50K.

Realizing property tax liabilities will be adjusted when actual tax notices come out later in the year, how would you calculate the current year tax liability each party contributes at closing?

Let’s get some feedback and then I’ll tell you how it went down.