Question Details

Songbird3695, Home Seller in Bellefontaine, OH

who pays real estate taxes for a house you sold?

Asked by Songbird3695, Bellefontaine, OH Mon Oct 31, 2011

We sold our house on land contract. The new owners took over in January of 2011. Do we pay the real estate taxes for the second quarter of 2010 or are they a year behind

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Typically the taxes are pro-rated for the time each party has actually 'owned' the property. The RE taxes are are divided by the the number of days in a year (365) and then each party pays for the amount of days they owned the property. In a typical transaction, the Seller of the property pays to the new owners their pro-rated share at closing, then the new owners pay the taxes when due (in arrears) by the end of the calandar year. That being said, it depends on what your actual Sales Contract says as to who is obligated to pay the closing fees, transfer fees, and taxes.
0 votes Thank Flag Link Mon Oct 31, 2011
As a rule, Property taxes are paid in ADVANCE.
You should have been up-to-date when you sold.
If the sale was RECORDED in January, you should know the status by now.

You should go down to the Tax Assessor's Office and ask them;
Not knowing is not going to make it better.

Good luck and may God bless
0 votes Thank Flag Link Mon Oct 31, 2011
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