Home buying and taxes?

Question

If you buy a home mid year, who is responsible for the taxes from Jan - June? Also, how would the county tax assessor know who is responsible for them?

Answer 1

When you go to the closing company, the closing attorney will pro-rate the taxes between the buyer and seller so each pays his fair share. In LA......Depending on the County you live in....taxes are collected either at the beginning of the year or  at the end of the year. So the credit will go to the person who has already paid the taxes or who will be paying the taxes for the year.... Only one person will pay the entire bill. In addition, many times the bills may go to the previous owner but it is the responsibility of the current owner to obtain a duplicate if it was not rec'd. But remember most mortgage companies escrow for the taxes so therefore you would forward the bill to your mortgage company who will pay the bill. Just be sure it does get paid so your home does not go to tax sale. In my area, The Tax assessor mails the bill to the owner of record as of Janurary. Like I said...if you are the new owner it is up to you to make sure it is tracked down and paid.

Answer 2

When you purchase a home a HUD ONE Statement is prepared.  This will list all tax payments made and due to be made.  You may have to repay the home owner for some taxes that they have already paid.  Once all the paperwork is done the county clerks office has the paperwork filed and they go from that.

Answer 3

You start owing taxes only as on the date of the title transfer.  Yes, the county bean counters know when that takes place./

Answer 4

You will either get a credit at your closing for those months or taxes will get paid directly from the closing to the county, depending on the county you live in and when taxes are due.

Answer 5

If you have a Realtor, have them explain it to you. If you don't have one then ask a lawyer that specializes in taxes or home buying. You can also ask the people at the mortgage company. If you are buying a home you better know every detail before you sign your name on the papers!