If we buy a house now, Do we need to pay the taxes for the full year??

Question

If you buy a house like in this month, Do you need to pay the taxes for the full year or just for the month you live in?

How does it work?

Answer 1

You are prorated for the time left in the year that you purchased the house

Answer 2

Normally it is prorated from the time you take title to the house until the next real estate tax installment period.  For example, if taxes are paid every six months (June 30 and December 31) and you settle on the house on September 1, you are responsible for Sept 1 - Dec 31, and the seller should give you credit at closing for the period June 30 - Aug 31.

One thing to make sure of, however, is if you are buying a house in foreclosure or other financial distress, is to make sure there is not a property tax lien filed on the property.  Get title insurance to make sure the title is clean before you buy.

Good luck.

Answer 3

Taxes are pro-rated at closing.