Property Tax question

[jeeman]

Is the first installment that was due in November of 2009 for 2010 taxes? Or was that for 2009 taxes?

[Eugene]

[quote=jeeman]Is the first installment that was due in November of 2009 for 2010 taxes? Or was that for 2009 taxes?[/quote]

One half of the property tax for the period from July 1, 2009, to June 30, 2010.

[Eugene]

[quote=jeeman]Is the first installment that was due in November of 2009 for 2010 taxes? Or was that for 2009 taxes?[/quote]

One half of the property tax for the period from July 1, 2009, to June 30, 2010.

[Eugene]

[quote=jeeman]Is the first installment that was due in November of 2009 for 2010 taxes? Or was that for 2009 taxes?[/quote]

One half of the property tax for the period from July 1, 2009, to June 30, 2010.

[Eugene]

[quote=jeeman]Is the first installment that was due in November of 2009 for 2010 taxes? Or was that for 2009 taxes?[/quote]

One half of the property tax for the period from July 1, 2009, to June 30, 2010.

[Eugene]

[quote=jeeman]Is the first installment that was due in November of 2009 for 2010 taxes? Or was that for 2009 taxes?[/quote]

One half of the property tax for the period from July 1, 2009, to June 30, 2010.

[SK in CV]

[quote=Eugene]
The treasurer issues a bill based on the old assessment value. The escrow company collects part of the bill from the seller and the rest of the bill from the buyer (prorated based on the exact closing date.) When the next billing cycle arrives, it would appear to me that the treasurer would send two supplemental bills/refunds, again prorated based on the closing date, one to the seller and one to the buyer.[/quote]

The escrow company will almost always do the prorate based on an actual bill (except for a few months during the summer, the first few months of the tax year when assessed value may change). Bills are typically of record by Sept., (though they don’t become liens until 11/1, and I may have been wrong before, the lien date for the 2nd installment may actually be 1/1, not 2/1) and unless they’ve really sped up their processing, it usually won’t include changed assessment values based on transfers after about May. This is because assesments are done by 6/30, when the appeals period begins. (all of this is, for the purpose of these timelines, ignores issues of multiple transfers and/or appeals of assesed values)

Escrow companies do screw up sometimes, but it’s usually human error, not because they don’t know what the tax bill will be. Within a few pennies, they do.

The reassessment based on the transfer doesn’t apply to the seller, only the buyer. So the seller won’t get a supplemental bill (or refund). The buyer will, prorated from the date of transfer through the end of the tax year (June 30).

[SK in CV]

[quote=Eugene]
The treasurer issues a bill based on the old assessment value. The escrow company collects part of the bill from the seller and the rest of the bill from the buyer (prorated based on the exact closing date.) When the next billing cycle arrives, it would appear to me that the treasurer would send two supplemental bills/refunds, again prorated based on the closing date, one to the seller and one to the buyer.[/quote]

The escrow company will almost always do the prorate based on an actual bill (except for a few months during the summer, the first few months of the tax year when assessed value may change). Bills are typically of record by Sept., (though they don’t become liens until 11/1, and I may have been wrong before, the lien date for the 2nd installment may actually be 1/1, not 2/1) and unless they’ve really sped up their processing, it usually won’t include changed assessment values based on transfers after about May. This is because assesments are done by 6/30, when the appeals period begins. (all of this is, for the purpose of these timelines, ignores issues of multiple transfers and/or appeals of assesed values)

Escrow companies do screw up sometimes, but it’s usually human error, not because they don’t know what the tax bill will be. Within a few pennies, they do.

The reassessment based on the transfer doesn’t apply to the seller, only the buyer. So the seller won’t get a supplemental bill (or refund). The buyer will, prorated from the date of transfer through the end of the tax year (June 30).

[SK in CV]

[quote=Eugene]
The treasurer issues a bill based on the old assessment value. The escrow company collects part of the bill from the seller and the rest of the bill from the buyer (prorated based on the exact closing date.) When the next billing cycle arrives, it would appear to me that the treasurer would send two supplemental bills/refunds, again prorated based on the closing date, one to the seller and one to the buyer.[/quote]

The escrow company will almost always do the prorate based on an actual bill (except for a few months during the summer, the first few months of the tax year when assessed value may change). Bills are typically of record by Sept., (though they don’t become liens until 11/1, and I may have been wrong before, the lien date for the 2nd installment may actually be 1/1, not 2/1) and unless they’ve really sped up their processing, it usually won’t include changed assessment values based on transfers after about May. This is because assesments are done by 6/30, when the appeals period begins. (all of this is, for the purpose of these timelines, ignores issues of multiple transfers and/or appeals of assesed values)

Escrow companies do screw up sometimes, but it’s usually human error, not because they don’t know what the tax bill will be. Within a few pennies, they do.

The reassessment based on the transfer doesn’t apply to the seller, only the buyer. So the seller won’t get a supplemental bill (or refund). The buyer will, prorated from the date of transfer through the end of the tax year (June 30).

[SK in CV]

[quote=Eugene]
The treasurer issues a bill based on the old assessment value. The escrow company collects part of the bill from the seller and the rest of the bill from the buyer (prorated based on the exact closing date.) When the next billing cycle arrives, it would appear to me that the treasurer would send two supplemental bills/refunds, again prorated based on the closing date, one to the seller and one to the buyer.[/quote]

The escrow company will almost always do the prorate based on an actual bill (except for a few months during the summer, the first few months of the tax year when assessed value may change). Bills are typically of record by Sept., (though they don’t become liens until 11/1, and I may have been wrong before, the lien date for the 2nd installment may actually be 1/1, not 2/1) and unless they’ve really sped up their processing, it usually won’t include changed assessment values based on transfers after about May. This is because assesments are done by 6/30, when the appeals period begins. (all of this is, for the purpose of these timelines, ignores issues of multiple transfers and/or appeals of assesed values)

Escrow companies do screw up sometimes, but it’s usually human error, not because they don’t know what the tax bill will be. Within a few pennies, they do.

The reassessment based on the transfer doesn’t apply to the seller, only the buyer. So the seller won’t get a supplemental bill (or refund). The buyer will, prorated from the date of transfer through the end of the tax year (June 30).

[SK in CV]

[quote=Eugene]
The treasurer issues a bill based on the old assessment value. The escrow company collects part of the bill from the seller and the rest of the bill from the buyer (prorated based on the exact closing date.) When the next billing cycle arrives, it would appear to me that the treasurer would send two supplemental bills/refunds, again prorated based on the closing date, one to the seller and one to the buyer.[/quote]

The escrow company will almost always do the prorate based on an actual bill (except for a few months during the summer, the first few months of the tax year when assessed value may change). Bills are typically of record by Sept., (though they don’t become liens until 11/1, and I may have been wrong before, the lien date for the 2nd installment may actually be 1/1, not 2/1) and unless they’ve really sped up their processing, it usually won’t include changed assessment values based on transfers after about May. This is because assesments are done by 6/30, when the appeals period begins. (all of this is, for the purpose of these timelines, ignores issues of multiple transfers and/or appeals of assesed values)

Escrow companies do screw up sometimes, but it’s usually human error, not because they don’t know what the tax bill will be. Within a few pennies, they do.

The reassessment based on the transfer doesn’t apply to the seller, only the buyer. So the seller won’t get a supplemental bill (or refund). The buyer will, prorated from the date of transfer through the end of the tax year (June 30).

[SD Realtor]

Sk bingo on the deadzone. even though the assessment may be ready on july 1, escrow will usually use data from the recorder not from the assessor.

[SD Realtor]

Sk bingo on the deadzone. even though the assessment may be ready on july 1, escrow will usually use data from the recorder not from the assessor.

[SD Realtor]

Sk bingo on the deadzone. even though the assessment may be ready on july 1, escrow will usually use data from the recorder not from the assessor.

[SD Realtor]

Sk bingo on the deadzone. even though the assessment may be ready on july 1, escrow will usually use data from the recorder not from the assessor.

[Author]

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