Property taxes are adjusted based on the property tax amount, the amount paid to date, and your closing date. The seller is responsible for taxes from Jan 1 to the possession date, and the buyer is responsible for taxes from the possession date to Dec 31. Our office will calculate the adjustment, and on closing depending on the adjustment factors there may be an amount payable by you or an amount owing to you. The tax adjustment depends on various factors specific to your transaction, such as the property tax rates, the amount paid to date, and your closing date. Due to the unique details of each transaction, it is challenging to provide a general answer that applies to all cases.
To obtain accurate information regarding the property tax adjustment for your particular transaction, we encourage you to contact our office directly. Our team will be able to explain the process and provide you with a detailed explanation tailored to your specific situation. By assessing the relevant factors, we can calculate the adjustment and determine whether there may be an amount payable by you or an amount owing to you on closing.
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