Home Buying in Suffern>Question Details

Christina ch…, Renter in Suffern, NY

Will I have to pay one full year of property taxes at closing?

Asked by Christina chiaffarelli, Suffern, NY Mon Sep 30, 2013

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Much will depend on your closing date, taxes are prorated; for any necessary clarifications ask your attorney the question....
1 vote Thank Flag Link Mon Sep 30, 2013
Christina, when all is said and done, you very well may be paying a full year's worth of taxes. A lot depends on time of year in relation to when the taxes are due. You have to reimburse seller a prorated amount for taxes they paid then give the bank a prepaid amount of future taxes to be held in your mortgage escrow account. Your loan originator and attorney can give you a more concise picture.
1 vote Thank Flag Link Mon Sep 30, 2013
yes when you move in after the rest is montly
0 votes Thank Flag Link Thu Oct 10, 2013
Hi Christina,

It depends, are you the seller or the buyer?

Depending on when you close & when taxes are due, a full year maybe collected at close but the buyer generally isn't responsible for the entire amount. The seller pays the taxes up to the day of close and the buyer pays the rest.
0 votes Thank Flag Link Wed Oct 2, 2013
Hello, in answering your question to buy a house or a condo that is pretty much the case but if you are renting that has nothing to do with it. Most banks do not represent full year of taxes on their good faith estimates which I have had a problem with for years.
0 votes Thank Flag Link Mon Sep 30, 2013
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