Hi Sue,
Hopefully your title company
or closing attorney will verify this for you. I suggest you contact
them 1st thing in the morning.
To calculate your property
tax obligation. Take the appraised value in the last tax year (2013)
divide the number by 365 then multiply by the number of days in the
year you own the home for example with a closing of March 17, 2014:
Taxes based on tax
authority appraisal value : $10,000
$10,000/365 = $27.40 daily
tax rate
$27.40 * 76 Days (include
the closing day) = $2082.40
So this is the amount you
will credit buyers at closing so that when the taxes are due the 3 of
days you owned the home in 2014 is taken into account. Most closings
will also have a document that both buyer and seller sign that is
basically an outside agreement that if there is an underpayment of
taxes at closing the sellers agree to reimburse the difference to the
buyers. Same if there is an overpayment of taxes at closing the
buyers will refund the sellers.
In order to make this happen
both buyer and seller are responsible for contacting the other party
with an accounting of actual taxes based on new tax appraisals since
most taxing authorities do not typically set tax rates until fall
time frame.
I hope this information
helps you in your planning. If you have any other questions or need
assistance in a referral for Realtor®
services for your next home please contact me!
Kind
Regards,
Bob
Kenney, Realtor®
Reilly
Realtors
Mobile/Text
: 512-922-4922
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