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What portion of property taxes is the seller of a real estate responsible for upon closing of the property?

Answer #328 -- ( Published 09/30/2005 11:18 AM | Updated 07/12/2017 10:40 AM )

What portion (period of time) of property taxes is the seller of a real estate responsible for upon closing of the property?

Generally, future property tax payments are based on the last tax bill prorated on the number of days in the year prior to the closing divided by 365. The parties involved in the transaction then can work this amount into the closing figures. A copy of the last tax bill can be obtained from the County Treasurer's Office.

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