Are you wondering who pays property taxes when you buy or sell a property?
· When the payments are made yearly, paying your property taxes in full on June 30th the payment covers Jan. 1– Dec. 31 of the year the taxes are paid. If the property is sold after June 30th of the taxation year the buyer will owe the seller money for their proportionate share of the taxes. If the taxes have not been paid prior June 30th, then the buyer will receive credit for the seller's share of the property taxes. Lawyers will calculate the exact amount of taxes owed up to the possession date, then credit the appropriate party with the difference.