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Selling home property tax question

Posted on 12/28/24 at 4:33 pm
Posted by GEAUXT
Member since Nov 2007
30393 posts
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
Posted by Witty_Username
Member since Jul 2021
676 posts
Posted on 12/28/24 at 4:35 pm to
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 by SloaneRanger
Upper Hurstville
Member since Jan 2014
12621 posts
Posted on 12/28/24 at 4:40 pm to
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 by GEAUXT
Member since Nov 2007
30393 posts
Posted on 12/28/24 at 4:57 pm to
We're in St. Tammany
Posted by LSUSUPERSTAR
TX
Member since Jan 2005
16831 posts
Posted on 12/28/24 at 5:33 pm to
It will all be handled in the closing. Don't stress about that part.
Posted by SalE
At the beach
Member since Jan 2020
2908 posts
Posted on 12/28/24 at 6:09 pm to
Pro rated
Posted by SDVTiger
Cabo San Lucas
Member since Nov 2011
93070 posts
Posted on 12/28/24 at 6:41 pm to
Do you have a mortgage with an impound account?
Posted by KWL85
Member since Mar 2023
3063 posts
Posted on 12/29/24 at 9:24 am to
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 by Neauxla_Tiger
Member since Feb 2015
2067 posts
Posted on 12/29/24 at 9:26 am to
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
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