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Closing in December |
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If I close on a home in mid-December, will I have to pay 2007 property taxes on that home? If so, is there a certain percentage I will owe? How does that work? |
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You should pay taxes for the time you actually own the property, and at the closing, taxes will be adjusted fairly between you and the seller -- giving you credit for any the seller hadn't paid yet, or giving the seller credit for any prepaid months that you'll be using. Not all property taxes are levied from the first of the year, so we may not be talking about an exact half-month's worth for 2007, but at any rate the person running the closing will see that it's all "pro-rated" correctly. |
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Edith
Originally published on October 21, 2007 |
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