Property tax

L

lovingit

Member
I have impounded taxes previously on my homes and when you sell the property, at closing, they return back whatever was not paid to the county.  Now I pay twice a year - Nov and Feb.  I don't impound taxes anymore.  Let's say you sell the house, around in Dec or March (right after taxes are due), you just get robbed of paying correct?
 
lovingit said:
I have impounded taxes previously on my homes and when you sell the property, at closing, they return back whatever was not paid to the county.  Now I pay twice a year - Nov and Feb.  I don't impound taxes anymore.  Let's say you sell the house, around in Dec or March (right after taxes are due), you just get robbed of paying correct?
Click to expand...

Escrow calculates what you owe and the buyer to the day and refund the overage to you if you have already paid.
 
lovingit said:
I have impounded taxes previously on my homes and when you sell the property, at closing, they return back whatever was not paid to the county.  Now I pay twice a year - Nov and Feb.  I don't impound taxes anymore.  Let's say you sell the house, around in Dec or March (right after taxes are due), you just get robbed of paying correct?
Click to expand...

Also the impound is timed so that you pay more in advance than you do now.
 
Ready2Downsize said:
lovingit said:
I have impounded taxes previously on my homes and when you sell the property, at closing, they return back whatever was not paid to the county.  Now I pay twice a year - Nov and Feb.  I don't impound taxes anymore.  Let's say you sell the house, around in Dec or March (right after taxes are due), you just get robbed of paying correct?
Click to expand...

Escrow calculates what you owe and the buyer to the day and refund the overage to you if you have already paid.
Click to expand...

Do you know how they calculate what you owe?  I.e. Taxes are due twice a year; once in Nov and once in Feb. Let's say you just paid in Nov and you sell the house in Jan, they you won't be on the hook for Feb payment.  But do you get a refund?

But let's say you just paid taxes in Feb and then you sell the house in March, do you get any refund?  Trying to understand the process since there is only three months between the first due date in Nov and the second due date in Feb.
 
lovingit said:
Ready2Downsize said:
lovingit said:
I have impounded taxes previously on my homes and when you sell the property, at closing, they return back whatever was not paid to the county.  Now I pay twice a year - Nov and Feb.  I don't impound taxes anymore.  Let's say you sell the house, around in Dec or March (right after taxes are due), you just get robbed of paying correct?
Click to expand...

Escrow calculates what you owe and the buyer to the day and refund the overage to you if you have already paid.
Click to expand...

Do you know how they calculate what you owe?  I.e. Taxes are due twice a year; once in Nov and once in Feb. Let's say you just paid in Nov and you sell the house in Jan, they you won't be on the hook for Feb payment.  But do you get a refund?

But let's say you just paid taxes in Feb and then you sell the house in March, do you get any refund?  Trying to understand the process since there is only three months between the first due date in Nov and the second due date in Feb.
Click to expand...

you will get something back. They will calculate who needs to pay whatever portion the seller and buyer are responsible for.
 
the Nov/December payment is for the months of July through December.  The payment due February is for January through June. so if you pay the november taxes and sell in January you will owe money to the buyer, you do not get a refund.
 
If you only pay the first bill and you close after Dec 31st you will owe money.

Even if you paid the second payment and get a refund for the house you are selling, as long as you are buying another house with an assessed value more than the one you are selling, you will owe more than you get back.
 
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