Do property taxes have to be paid at time of sale?
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I am trying to sell a property in New York. The property taxes are up to date but they are always accumulating as I understand it. When we sell will we have to pay off what we owe or can the new owner take responsibility by taking a credit in the purchase price (so he wouldn't have to barrow as much)?
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Answer:
As part of the closing costs that YOU pay, you'll pay a prorated portion of the taxes for the time you still own the home. If the taxes are paid ahead, then the buyer would pay (and you'd receive) a prorated amount for the time THEY own the home.
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