Home Buying in 27569>Question Details

Rustybigruss, Home Buyer in 27569

In Johnston county North Carolina if i buy a house in Dec. of 2011 and close on january 2 , 2012 who pays property taxes for the 2011 tax year ???

Asked by Rustybigruss, 27569 Tue Nov 29, 2011

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The seller pays taxes for all of 2011, plus the days in January they still own it. So you would get a 2 day credit on your HUD statement from the seller for those two days in January of 2012, then you'd be responsible from Jan 3 on and ur tax bill is sent out in Sept usually for JoCo :) Good news right!
0 votes Thank Flag Link Wed Nov 30, 2011
No matter the location, unless otherwise agreed in the contract, you only pay the taxes and other ownership costs for the time you are owner, irregardless if the item is collected up front, or in arrears. Actually, the closing statement should also have the seller paying taxes for the day of Jan 1 2012, and also for Jan 2 depending on local practices. Taxes, along with other ownership costs, like homeowners association fees, are pro-rated, so you pay for exactly and only the days you own the property. Best of luck with your new property!
0 votes Thank Flag Link Wed Nov 30, 2011
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