How the adjustments relative to the school taxes are calculated?

The school tax accounts are established over a period which goes as from July, 1st to June, 30th of the following year, being 365 days (except for leap years).

Thus, for a sale taking place on May, 15th of a regular year, the seller will be the owner of the immovable property sold as from July, 1st until May, 14th, thus a period of 318 days. The purchaser, him, in turn, will be the owner as from May, 15th until June, 30th, a period of 47 days in his case.

The amount of school taxes will be divided by 365 (the number of days in the year) to obtain the amount of school taxes payable daily. This sum will then be multiplied by 318 days for the seller and 47 days for the purchaser.

A second calculation will usually be required because it is necessary to know if the school taxes are partially or fully paid.

Let us return to our example of a transaction taking place on May, 15th. If the seller has fully paid his school taxes, the purchaser will have to repay him the equivalent of 47 days as for the school taxes (from May, 15th until June, 30th) because he is the owner of the immovable property since May, 15th and, so, responsible for paying the cost of the school taxes. In this case, the seller will remain responsible for paying the school taxes for the period as from July, 1st until May 14th.