Property Taxes and Adjustments When Buying or Selling a Home
Property Taxes & Adjustments, what happens to them when you buy or sell a home?
All you need to know when buying or selling a home and the adjustment that happens with the property taxes.
The seller is responsible for property taxes of the home from January 1st still the closing date of the calendar year. After the closing date the buyer is then responsible for the taxes on the property from their closing date till December 31st of the calendar year.
So what happens if your closing date on your current property happens after the property taxes have been paid for the year? In this situation your lawyer will assist in the adjustment of the tax distribution. So depending on the time of year and if the property taxes have been paid in full it will mean either the buyer or the seller will receive a credit back.
We are also here to answer questions and further assist you through this process and would love to help, reach out to us if you have any questions!
The @hauptrealty Team with Professional Realty Group