Question Details

Steve, Other/Just Looking in Channahon, IL

If i buy an existing home (foreclosure), do I pay property taxes in the first year?

Asked by Steve, Channahon, IL Fri May 25, 2012

Help the community by answering this question:


You will not only pay property taxes;
you will PRE-PAY property taxes, beginning from the day your Escrow Closes:

The Title Company will compute your taxes, based on the previous tax amount,
and they will withhold from 1 to 6 month's taxes, (depending upon the month in which the Escrow closes).

For further information, and a schedule; you should ask your Title Company.

Good luck and may God bless
0 votes Thank Flag Link Fri May 25, 2012
As Annette has answered yes you do. If the property taxes have already been paid for part or all of that year the closing company will figure out how much is owed from the time you close on the property through the end of the year and that is what you will be responsible for.
0 votes Thank Flag Link Fri May 25, 2012
Yes you do. You pay property taxes whenever you own a home.
0 votes Thank Flag Link Fri May 25, 2012
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