Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Will the home you are building qualify or does the county offer homestead exemption? In the county I live in, homestead exemption is offered to the owner of records as of January 1 so closing before the beginning of the year would be advantageous. It lowers your overall property taxes.
Will the home you are building qualify or does the county offer homestead exemption? In the county I live in, homestead exemption is offered to the owner of records as of January 1 so closing before the beginning of the year would be advantageous. It lowers your overall property taxes.
I think the county we live-in offers homestead so assuming we close after Jan 1st(or prior to homestead cut-off) would we be paying full property taxes for the year no matter when we close next year?
Ex:
#1: If we close in Feb 2018 - would we pay 2018 property taxes?
#2: If we close in Dec 2017 - would we pay 2017 property taxes?
Location: Finally the house is done and we are in Port St. Lucie!
3,487 posts, read 3,336,915 times
Reputation: 9913
For us it was way more beneficial to close before the start of the new year. We closed on Dec 29th and that was the last working day of the year.
Because we closed in 2016 we were able to get the Homestead credit on the house for 2017, and beyond, which will save us a lot in property taxes. It knocks off $50,000 off our assessment value. That's $25,000 for each of us (hubby and I).
Location: Finally the house is done and we are in Port St. Lucie!
3,487 posts, read 3,336,915 times
Reputation: 9913
Quote:
Originally Posted by PDANET
I think the county we live-in offers homestead so assuming we close after Jan 1st(or prior to homestead cut-off) would we be paying full property taxes for the year no matter when we close next year?
Ex:
#1: If we close in Feb 2018 - would we pay 2018 property taxes?
#2: If we close in Dec 2017 - would we pay 2017 property taxes?
You will be paying 2018 taxes regardless. The 2017 taxes should be pro rated at the time of closing and will be bundled into your closing costs.
We payed x amount of what taxes were already payed and it was based on an undeveloped lot.
Trust me, if there is even a 5% chance the builder can deliver by December, you'll be closing before 11:59PM on 12/31. Year-end numbers for starts to solds is absolutely critical to home builders.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
