Posted on: 21st Jul, 2012 12:14 pm
who is responsible for the taxes at the time of transfer of property for example if the deed is transferred in the middle of the year who is responsible to pay them for that year :?
Hi Anthony,
The grantor and the grantee can both cooperate and pay off the taxes jointly or else, the grantee will be solely responsible for paying the taxes.
Thanks
The grantor and the grantee can both cooperate and pay off the taxes jointly or else, the grantee will be solely responsible for paying the taxes.
Thanks
Hi Anthony!
Welcome to forums!
Normally it is the grantee who will have to make the tax payments as he/she will be considered as the owner of the property at that point of time.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Normally it is the grantee who will have to make the tax payments as he/she will be considered as the owner of the property at that point of time.
Feel free to ask if you've further queries.
Sussane
If you're purchasing a property, it should be 50/50.
Typically, taxes are prorated for the time each owned the property during the year. So if you owned the property for 254 days out of the year it sold, you owe 254/365 of the property tax bill.