and if so im assuming the gov. gets there cash at closing right?
2007-05-19 09:42:09 · 6 answers · asked by Anthony C 1 in Business & Finance ➔ Taxes ➔ United States
Yes and yes.
2007-05-19 11:59:48 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
You can sell property on which property taxes are owed. However, unless those taxes are paid at closing, the new owner takes on the tax burden, but does not get the tax deduction since the new owner did not own the property when the taxes were due.
So, when you sell, you are relieved of the tax burden. Either you pay it at closing, or the new owner pays it (and likely discounts the sales price accordingly, so really the same thing).
2007-05-19 10:05:48 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
You can sell property on which taxes are owed. The taxing authority gets paid before ANYONE including the mortgage company and the Realtor. If the sale price won't cover ALL of the above, you have to pay someone to complete the sale.
2007-05-19 13:24:44 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
Yes, assuming you have enough equity in your home when it is sold the property taxes and any other expenses in the sale come out at closing.
2007-05-19 09:49:49 · answer #4 · answered by Mike Realtor 1 · 1⤊ 0⤋
No, the recent proprietors could be responsible for those taxes. The state probable does not have there records as much as date. i could deliver them a replica of the contract and shutting letter.
2016-12-11 14:18:29 · answer #5 · answered by ? 4 · 0⤊ 0⤋
yes-but any liens that are on your property will be paid first.
2007-05-23 09:19:07 · answer #6 · answered by Anonymous · 0⤊ 0⤋