Property Taxes Can Be Prorated Upon Sale

Whether or not you have paid your taxes for the year will be an issue dealt with in the closing of your house sale. Any back taxes owed may be the responsibility of the new owner, but any taxes you prepaid might just be refunded to you.
Oct. 24, 2011 - PRLog -- Sell House Fast - Fairfax Station VA: We all must pay property taxes if we own property of any kind. That’s the law in every state of the US. In most places you pay your taxes by December of the year before it is effective. In other words, you pay ahead for the year’s tax bill so the county and/or city can use the money to fund their projects, public safety, schools, roads, etc. If your property taxes are paid up and current, you may have some money coming back to you if you sell mid-year.

This will be stipulated in the final sales contract and should be settled when you close on the deal. A house that is behind in the taxes will also have considerations regarding the taxes on the property. If a property falls behind for the specified number of years, the county has the right to sell the property in a tax lien sale to recover their money. Selling your house if you are behind in taxes will create a special condition that must be addressed at time of the sale.

If there are taxes owing, the buyer may need to pay them up to get them current before taking possession of the house. The seller might be asked by the buyer to bring the taxes current before he or she agrees to buy the house. In any case, the county will want their money. Buying a house that has taxes in arrears will usually mean that the buyer, the new owner, will have that bill transferred to their name as the new owners will now be responsible for all taxes and encumbrances on the property.

Selling your home to a real estate investor, if you are behind on your taxes, can help you to solve tax issues as the investor will become the new owner. The taxes will now be the responsibility of the investor who has bought your house. If you are current on your taxes you may have a bit of money coming back to you as a refund of prepaid taxes. They are usually prorated according to when the house officially closes and changes ownership.

If you sell the house in June, you may get ½ the year’s taxes back if you paid them for the whole year. If you still owe this year’s taxes as well as last year’s, the new owner will then be responsible for all back taxes on the property.

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We Buy Houses in the following Counties in Virginia – Fairfax County | Loudoun County | Hampton Roads | Prince William

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