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