[Moderator]

The topic is the process to determine property taxes owed for the year in which a sale occurs.

Please stay on topic,

Moderator

[Marathon Man]

If they change this tax, they will change something else to make up the difference. Considering how many times I purchase a home, I don't see anything worth worring about.

[OrangeBlossomBaby]

Not sure why government has to make the changes. You can accommodate all this at the point of sale.

In the two properties we've bought in the north, and the one we've sold (so far), the tax bill was pro-rated to the buyer.

Our tax bills aren't January-December, and I can't really remember what the months are. But hypothetically since it's easier to follow the math:

If our tax bill is $1200 for January-December and *closing date* on our sale of the house is March, then the new owners will owe March-December, or $1000. Our piece of the tax debt would be $200 for January and February.

It's built into the sale agreement, not government mandated.

[Ben Franklin]

[QUOTE=Jazuela;1684129]Not sure why government has to make the changes. You can accommodate all this at the point of sale.

In the two properties we've bought in the north, and the one we've sold (so far), the tax bill was pro-rated to the buyer.

Our tax bills aren't January-December, and I can't really remember what the months are. But hypothetically since it's easier to follow the math:

If our tax bill is $1200 for January-December and *closing date* on our sale of the house is March, then the new owners will owe March-December, or $1000. Our piece of the tax debt would be $200 for January and February.

I don't understand why people want to pay extra money without asking or demanding government change it's budget dates.

Taxes are paid in arrears, so if you buy your house in March, the sellers are responsible for paying their taxes for Jan, & Feb., at the previous years rate, not the new tax rate. You then are responsible for making up the difference for Jan. & Feb., since the new rate will be voted on in Sept., which might not be much for two months, but if someone buys a house in December, they could conceivably pay over $300, which the previous owner should be responsible for, because they actually owned the home. $300 multiplied by how many people purchased a home and have to pay for the new tax rate, ends up being a big chunk of change.

It is mandated. The sellers always have to pay for the time they owned the house, they just aren't responsible for the new rate, for the time they owned the house. Closing companies just collect the tax for the government.