Who pays last years taxes when I buy a house.?
I am buying a house in Florida here this month. Who pays 2009 taxes on the house? Please provide sources if possible. Thanks.
Public Comments
- Real estate taxes are pro-rated, that is, they will be paid by the seller up to the date of sale.
- 2009 property taxes should have already been billed to the current homeowner. They are responsible for paying the 2009 payment; you will be charged the prorated amount in escrow.
- Who pays it & how much depends on when you close (transfer possession). The taxes are due on Jan 1, 2010, but can be paid with a discount now. If not paid until after closing the amount will be pro-rated throught the day before closing & credited to the Buyer & paid by the buyer. If the Seller pays before closing s/he will be credited for the pro-ration between the day before closing & Dec. 31. If you read your puchase contract you will almost certainly find a paragraph detailing the pro-ration method for taxes.
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