As a thyroid patient, it's not only a challenge to get a doctor to run more than the Thyoid Stimulating Hormone (TSH) test, but it's a challenge to understand and interpret thyroid test results once you get them.
The tax is assessed at the rate of 10 cents per $100 on estates valued at more than $15,000, including the first $15,000 of assets. For example, the tax on an estate valued at $15,500 is $15.50. Localities may also impose a local probate tax equal to 1/3 of the state probate tax.
At the closing you will receive a credit for 2007 taxes in the amount of 6,000. The seller owned the house all of 2007 and is therefore responsible for the entire 2007 tax bill. The seller has also owned the property in 2008 from Jan. 1 to closing. The pro-ration comes in on the 2008 tax bill (payable in June and Sept of 2009). Since we don't know what the taxes will be we count the days Jan. 1 to Mar. 1 (seller responsible for taxes on closing day) which in this leap year is 61 days. If we pro-rate the taxes at 100% we use 6,000. 105% we use 6,300. 110% we use 6,600. to base your 2008 tax closing credit.