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Selling home property tax question
Posted on 12/28/24 at 4:33 pm
Posted on 12/28/24 at 4:33 pm
How are property taxes settled as a seller? I know that each side covers a portion dependent on the date of sale. Does the seller receive a refund for the difference through the closing, or do you have to do this separately through the assessor?
Probably a stupid question, but I've never sold a home
Probably a stupid question, but I've never sold a home
Posted on 12/28/24 at 4:35 pm to GEAUXT
Every time I've sold a home, the closing company has all the things you owe or will owe worked out, and whatever proceeds you receive are after everyone else is paid.
Posted on 12/28/24 at 4:40 pm to GEAUXT
You are correct that they are prorated. Depends whether you are in a location that collects taxes in advance (New Orleans) or in arrears (most other places).
Posted on 12/28/24 at 5:33 pm to GEAUXT
It will all be handled in the closing. Don't stress about that part.
Posted on 12/28/24 at 6:41 pm to GEAUXT
Do you have a mortgage with an impound account?
Posted on 12/29/24 at 9:24 am to GEAUXT
It is prorated and each side's portion is automatically collected as part of the closing. Seller gets a refund if they have paid in advance. Closing company provides an ALTA statement showing the details.
Posted on 12/29/24 at 9:26 am to GEAUXT
Then your taxes are in arrears. So you'll give the buyer a pro-rated credit for the portion of the year you owned the property, and then buyer will be responsible for the whole tax bill at end of year.
You may get the bill mailed to you one more time because the assessor/tax collectors office doesn't update their rolls until the following year
You may get the bill mailed to you one more time because the assessor/tax collectors office doesn't update their rolls until the following year
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