Скачать или смотреть How Are Prorated Property Taxes Determined During Sale?

When buying or selling property, understanding how property taxes are prorated is crucial for a smooth transaction. This video breaks down the essential factors and calculations involved in determining property tax proration during a real estate sale, ensuring a fair allocation between buyer and seller.

Key insights on property tax proration in real estate transactions include:
► Property tax proration ensures both buyer and seller pay their fair share of taxes for the time they own the property within the tax year.
► Proration calculations depend on the closing date and the local tax assessment period (e.g., calendar year, fiscal year).
► Typically, the seller is responsible for taxes up to the closing date, and the buyer is responsible thereafter.
► The method of proration (accrued vs. prepaid) impacts who owes what at closing.
► Understanding these calculations prevents unexpected costs and facilitates a transparent closing process.


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