first year taxes if buying a house from Tax Exemptions non-for-profit
if you by a house from a Tax Exemptions non-for-profit would you have to pay tax for the first year if you close after Jan 1st? I was told that you would not need to because the tax was set as of Jan 1st. would that be true
Answers (1)
FIRST ANSWER
Julie,
my understanding is that if the home has not been taxed by the municipality - then you do not have to pay the property taxes for the year that you close. This actually was the case for a client of mine- in 2007 they purchased a home that was owned by a church and was not taxed by the city. In 2007 they paid no taxes on the home, but in Jan 2008, the city came in, did an assessment and they got a tax bill for 2008.
All the Best to you!
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Answered Wed Dec 3 2008, 13:07 by Lynn911.com Dallas… in 53072
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