How do u figure out the taxes on a residential home worth 350,000... by day,month,year how is it calculated... & if I sell the house before the TAXES Are due who needs to pay for them ? Seller or Buyer ?
2007-01-30 03:52:29 · 2 answers · asked by margarito r 1 in Business & Finance ➔ Renting & Real Estate
Check with the county tax assessor. They'll tell you the tax liability on the property. When a property is sold, the seller pays the tax up to closing date. The buyer will be responsible for the rest of the year. However, the seller settles at closing, the buyer will pay the entire year, which will be due the following January.
2007-01-30 04:27:56 · answer #1 · answered by Anonymous · 1⤊ 0⤋
assuming you are in the US, the town will set a mill rate and an assessed value, and multiply them together and give you a bill on a set date(s) during the year. If you sell sometime during the year, you will owe the taxes for pro-rata share of that year. Lawyers count up the days from last tax due date to closing date and compute the amount, and the seller will be paying it, as a closing cost netted against the selling price of the house.
2007-01-30 12:24:41 · answer #2 · answered by jim06744 5 · 0⤊ 0⤋