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Old 09-28-2009, 09:05 AM
 
202 posts, read 539,192 times
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We close this Thursday- October 1st.
Do we pay the sellers tax amount for Oct/Nov/Dec right?
Then we can get it reassessed and apply for our homestead January 1st?
Or are we stuck paying his tax amount throughout 2010?
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Old 09-28-2009, 10:17 AM
 
114 posts, read 449,319 times
Reputation: 68
There should be adjustments made at the closing. There should also be a new tax notice. The seller is responsible for the taxes up to the date of the closing and the buyer for the balance. Therefore, say the taxes are 12K (for easy math). The seller must give you a credit for 9 or 10 months worth ($9-10K - my math skills are lacking right now ) and then you pay the full tax bill when due. Hope this helps.
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Old 10-14-2009, 05:38 AM
 
132 posts, read 229,722 times
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You will pay his taxes for Oct, Nov, Dec. Yes it sucks if he does not have homestead exemption. Then in a few weeks you will get the title in the mail from the title company. Once you get this document, you can file for your homestead exemption on line. You'll get a document in the mail saying your homestead has been applied for, and then next October or so you will get a tax notice that says what your expected taxes will be.
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Old 10-14-2009, 07:06 PM
 
2,143 posts, read 8,032,562 times
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Quote:
Originally Posted by Zeech View Post
You will pay his taxes for Oct, Nov, Dec. Yes it sucks if he does not have homestead exemption. Then in a few weeks you will get the title in the mail from the title company. Once you get this document, you can file for your homestead exemption on line. You'll get a document in the mail saying your homestead has been applied for, and then next October or so you will get a tax notice that says what your expected taxes will be.
No. You will pay the whole years taxes, and get a credit on the purchase price for the seller's share of the taxes up to the time it was sold to you.
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Old 10-14-2009, 07:33 PM
 
132 posts, read 229,722 times
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It works out to be the same. I closed on my house December 1, 2008, and I paid taxes only for December 2008 at my closing.
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Old 10-15-2009, 05:38 AM
 
2,143 posts, read 8,032,562 times
Reputation: 1157
Quote:
Originally Posted by Zeech View Post
It works out to be the same. I closed on my house December 1, 2008, and I paid taxes only for December 2008 at my closing.
That's because the taxes had been paid in before you closed. The tax bill comes out in November for the previous year.
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