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when I pay my property taxes, is that for the previous year or the upcoming year
Posted on 3/29/12 at 3:40 pm
Posted on 3/29/12 at 3:40 pm
?
4
Posted on 3/29/12 at 3:46 pm to TortiousTiger
previous year.
Posted on 3/30/12 at 6:38 am to TortiousTiger
In Louisiana its for the previous year.
In California, i just learned, you pay twice a year and it covers the next 6 months.
In California, i just learned, you pay twice a year and it covers the next 6 months.
Posted on 3/30/12 at 7:14 am to Foot
I will take signs that your state is broke, for 500, Alex.
Posted on 3/30/12 at 7:48 am to Foot
quote:If that is the case, why do they refund a prorated amount of the property tax to the seller at the closing of a real estate sale?
In Louisiana its for the previous year.
I've always been told property taxes are for the upcoming year and are paid in advance of the year for which the taxes apply.
That is why when someone sells his house he gets a credit on the closing financial settlement sheet for the part of the year he will not own the house after the sale.
For example, if the closing takes place on June 30, he gets a credit for half of the taxes he paid the previous December.
If the taxes were for the previous year a seller would not get anything back at the sale closing since he owned the house all of the previous year.
Posted on 3/30/12 at 8:10 am to LSURussian
Not sure Russian.
I pay LA property taxes in December, so it seems i pay for the year that passed, not coming up.
I pay LA property taxes in December, so it seems i pay for the year that passed, not coming up.
Posted on 3/30/12 at 8:30 am to Foot
I'm 90% sure the taxes are paid in advance. I could not find anything on it using Google.
Posted on 3/30/12 at 8:34 am to TheHiddenFlask
quote:
will take signs that your state is broke, for 500, Alex.
One of the reasons CA is broke is because their property taxes is 1% of closing costs and will never increase.
The other is an enormous amount of spending, which is the real issue.
As a new home owner, as of today
, I'm glad of the 1% law.Posted on 3/30/12 at 8:39 am to LSURussian
quote:
I'm 90% sure the taxes are paid in advance.
Now that I think about, I'm sure it's this way too, I just never thought about that way while I was paying.
Posted on 3/30/12 at 8:50 am to LSURussian
quote:
For example, if the closing takes place on June 30, he gets a credit for half of the taxes he paid the previous December.
Interesting. I know in Georgia and Texas you are paying for the previous year. And on the Hud 1 in your example, it is actually a deduction from the seller for 6 months.
I will try to look up LA
Posted on 3/30/12 at 8:54 am to LSURussian
LINK /
According to random unsubstantiated link above... Orleans Parish in advance, surrounding parishes in arrears.
According to random unsubstantiated link above... Orleans Parish in advance, surrounding parishes in arrears.
Posted on 3/30/12 at 8:59 am to igoringa
quote:
Interesting. I know in Georgia and Texas you are paying for the previous year. And on the Hud 1 in your example, it is actually a deduction from the seller for 6 months.
I have always viewed this as current year in GA. Get bill in August, it is due in October for YR 2012 for city and county. Sell property in May 2013, seller owes pro rated estimated taxes for 2013 up to sell date, using 2012 as basis.
Posted on 3/30/12 at 9:10 am to TortiousTiger
previous, if you sell or buy a house, they prorate the current year's taxes on statement i'm pretty sure.
Posted on 3/30/12 at 9:27 am to tirebiter
quote:
I have always viewed this as current year in GA. Get bill in August, it is due in October for YR 2012 for city and county.
Sorry by past year I meant current (but at the end of the current) just like you said.
Apparently in Orleans parish though you pay a full year in advance.
Posted on 3/30/12 at 9:32 am to TortiousTiger
I just looked at my bill from december and it said 2011 Property Tax
Posted on 3/30/12 at 10:05 am to Chad504boy
quote:Okay, but why does the seller get a credit for the time he won't be owning the house in the year it is sold. If it was collected in arrears, wouldn't the seller have to PAY for the amount of time he owned the house in the year it is sold rather than be PAID for that time?
they prorate the current year's taxes on statement i'm pretty sure.
Posted on 3/30/12 at 10:22 am to LSURussian
this is why i'm asking.
i recall this is how it works, but i'm selling another property and they have me paying the property tax year to date at closing.
i recall this is how it works, but i'm selling another property and they have me paying the property tax year to date at closing.
Posted on 3/30/12 at 10:22 am to LSURussian
Russian: Link I posted above suggests Orleans Parish is in advance whereas surrounding parishes are in arrears.
Posted on 3/30/12 at 10:26 am to TortiousTiger
quote:Every time I've sold property I got a credit on the settlement sheet for the unused part of the year I would not be owning the property. IOW, the buyer had to pay me back for the portion of the taxes I paid last December for the time I would not be owning the property this tax year.
but i'm selling another property and they have me paying the property tax year to date at closing.
Posted on 3/30/12 at 10:43 am to LSURussian
quote:
I've always been told property taxes are for the upcoming year and are paid in advance of the year for which the taxes apply.
That is why when someone sells his house he gets a credit on the closing financial settlement sheet for the part of the year he will not own the house after the sale.
Must vary by state then, when I bought property the seller had to give me half a year of the tax bill.
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