At the time of closing, most often, the issue of real estate taxes causes confusion and frustration for both parties. Real estate taxes are pro-rated so both parties only pay their portion of taxes owed for the time they own the property.
Since taxes are paid on a quarterly basis the buyer will reimburse the seller for the amount that was paid for the period of time from the date of closing to the end of the tax quarter. Make sure your real estate attorney informs you of where that amount is listed on the closing statement, so you know it’s been accounted for at the time of closing.
If you are buying or selling a home, condo, or townhouse, call the Law Offices of Chirag D. Mehta, LLC. at 201-688-0667 or email at Chirag@mycdmlaw.com.