If I just bought a housein September,do I have to pay the whole years property taxes?
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If I just bought a housein September,do I have to pay the whole years property taxes?
I just want to know if I got to pay a full year.
Asked on January 8, 2012 under Real Estate Law, Ohio
Answers:
B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Your purchase agreement will controll whether or not your have to pay the whole years property taxes. Some agreements are structured such that a seller pays a pro-rated share of the taxes for the months they were living in home. This means that you would only be responsible for the balance of the remaining months. However, some contracts have a provision that read something like: Seller will be responsible for property taxes for whole year unless otherwise specified. If an specific agreement is not specified, then you would be on the hook for the whole amount. Look your contracts and paperwork over very carefully. If you have trouble interpreting the contact or any written agreements, then take all of your paperwork to an attorney for at least a consultation. Non-payment of taxes can have a significant lasting impact on your ability to keep your home and your credit rating.
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