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mhoangvan, Home Buyer in Round Rock, TX

I closed and moved to a new house in Round Rock area on 4/1/2013. I just paid Round Round ISD taxes for full year (2013) ..should my home builder pay?

Asked by mhoangvan, Round Rock, TX Tue Feb 4, 2014

school taxes from 1/1/13 to 3/30/13 ?

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Answers

3
The answers below are exactly correct, the taxes should have been prorated on your HUD-1 closing statement. Jordan gives you the exact location to reference this information but you can always call the Real Estate Agent that helped you buy the house or the lender who closed the transaction. They both should provide service beyond the close and generally are happy to do whatever they can to help you with your purchase.
0 votes Thank Flag Link Sat Feb 8, 2014
Depending on when your home was started and when the county assessed the value, your house may have been assessed for raw land. Usually a home is assessed for both the value of the land and the improvements or structures. Most production builders anticipate this and set aside enough money for property taxes based on the value with the structure. You should have received this money from the builder as a credit to you on your HUD-1 on line 515. If that is the case, then yes, the home builder did pay for the portion that they owned the home. You should have paid the remaining portion from your escrow account.

Please review your HUD-1 statement and check there.

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0 votes Thank Flag Link Wed Feb 5, 2014
Property Taxes can be confusing to a new home owner. Generally when you closed on your house, you paid part of the taxes for the year, and the builder paid part of the taxes. I'm guessing you paid estimated taxes for next year, but it would be hard to say without looking at the letter and HUD from your closing.
0 votes Thank Flag Link Wed Feb 5, 2014
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