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Published June 7, 2023

Pre-Paid Property Taxes

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Written by Nicole Darbaz

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"What happens when the property taxes have been pre-paid for the year & I buy/sell the house?"

That's a great question.

When it comes to things like pre-paid property taxes or full oil tanks, they are apportioned at the lawyer's office on closing.

For example, if a home's property taxes have been prepaid up to December and the home closes in August:
- The seller will be reimbursed for the months wherein they will not be living there.
- The purchaser will have the same adjustment ADDED to their bill.
The same applies if the oil tank is full.

Darbaz Real Estate Group
Your Trusted, St. John’s Metro, Real Estate Experts
Keller Williams Platinum Realty
MLS®

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