[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.

[SD Realtor]

Sk I must have been in the twilight zone.

Yes escrow will pay the property taxes generally until the next period with prorations made accordingly.So yes for an example of a closing on march 1 the seller will be debited the proration of the second half of the property tax year based on the assessment that was determined at the beginning of that tax year. Similarly the buyer will also be debited from coe to the end og the tax year, escrow will pay the county and it will be done. Of course this is assuming the seller didn’t make the second half payment yet.

Now once the property is reassessed, then depending on the reassessment the buyer may or may not receive a credit with the supplement. If the assessor feels that the purchase price was signicantly low the assessment will be higher then purchase price.

So one hole in the process is if escrow gets the assessed value from the recorders office. The recorder generally doesn’t get the assessed valu until september which coincidetally is when you get your tax bill. So let’s say you are closing escrow in say sept and the assessor has significantly reduced the assessment but it wasn’t released to the recorder yet. So when that escrow closed both sides would have prorations based on the higher amount. Similarly the escrow company would have payed the first half based on an incorrect assessment. Also the proration debited from the seller would have been incorrect (to high). So after that closing happens the seller cannot retreive that overpayment from the county. They have to go to escrow who will then have to go to the buyer to try to get the overprorated amount back

Anyways thanks for correction as I was out in space.

[SD Realtor]

Sk I must have been in the twilight zone.

Yes escrow will pay the property taxes generally until the next period with prorations made accordingly.So yes for an example of a closing on march 1 the seller will be debited the proration of the second half of the property tax year based on the assessment that was determined at the beginning of that tax year. Similarly the buyer will also be debited from coe to the end og the tax year, escrow will pay the county and it will be done. Of course this is assuming the seller didn’t make the second half payment yet.

Now once the property is reassessed, then depending on the reassessment the buyer may or may not receive a credit with the supplement. If the assessor feels that the purchase price was signicantly low the assessment will be higher then purchase price.

So one hole in the process is if escrow gets the assessed value from the recorders office. The recorder generally doesn’t get the assessed valu until september which coincidetally is when you get your tax bill. So let’s say you are closing escrow in say sept and the assessor has significantly reduced the assessment but it wasn’t released to the recorder yet. So when that escrow closed both sides would have prorations based on the higher amount. Similarly the escrow company would have payed the first half based on an incorrect assessment. Also the proration debited from the seller would have been incorrect (to high). So after that closing happens the seller cannot retreive that overpayment from the county. They have to go to escrow who will then have to go to the buyer to try to get the overprorated amount back

Anyways thanks for correction as I was out in space.

[SD Realtor]

Sk I must have been in the twilight zone.

Yes escrow will pay the property taxes generally until the next period with prorations made accordingly.So yes for an example of a closing on march 1 the seller will be debited the proration of the second half of the property tax year based on the assessment that was determined at the beginning of that tax year. Similarly the buyer will also be debited from coe to the end og the tax year, escrow will pay the county and it will be done. Of course this is assuming the seller didn’t make the second half payment yet.

Now once the property is reassessed, then depending on the reassessment the buyer may or may not receive a credit with the supplement. If the assessor feels that the purchase price was signicantly low the assessment will be higher then purchase price.

So one hole in the process is if escrow gets the assessed value from the recorders office. The recorder generally doesn’t get the assessed valu until september which coincidetally is when you get your tax bill. So let’s say you are closing escrow in say sept and the assessor has significantly reduced the assessment but it wasn’t released to the recorder yet. So when that escrow closed both sides would have prorations based on the higher amount. Similarly the escrow company would have payed the first half based on an incorrect assessment. Also the proration debited from the seller would have been incorrect (to high). So after that closing happens the seller cannot retreive that overpayment from the county. They have to go to escrow who will then have to go to the buyer to try to get the overprorated amount back

Anyways thanks for correction as I was out in space.

[SD Realtor]

Sk I must have been in the twilight zone.

Yes escrow will pay the property taxes generally until the next period with prorations made accordingly.So yes for an example of a closing on march 1 the seller will be debited the proration of the second half of the property tax year based on the assessment that was determined at the beginning of that tax year. Similarly the buyer will also be debited from coe to the end og the tax year, escrow will pay the county and it will be done. Of course this is assuming the seller didn’t make the second half payment yet.

Now once the property is reassessed, then depending on the reassessment the buyer may or may not receive a credit with the supplement. If the assessor feels that the purchase price was signicantly low the assessment will be higher then purchase price.

So one hole in the process is if escrow gets the assessed value from the recorders office. The recorder generally doesn’t get the assessed valu until september which coincidetally is when you get your tax bill. So let’s say you are closing escrow in say sept and the assessor has significantly reduced the assessment but it wasn’t released to the recorder yet. So when that escrow closed both sides would have prorations based on the higher amount. Similarly the escrow company would have payed the first half based on an incorrect assessment. Also the proration debited from the seller would have been incorrect (to high). So after that closing happens the seller cannot retreive that overpayment from the county. They have to go to escrow who will then have to go to the buyer to try to get the overprorated amount back

Anyways thanks for correction as I was out in space.

[SD Realtor]

Sk I must have been in the twilight zone.

Yes escrow will pay the property taxes generally until the next period with prorations made accordingly.So yes for an example of a closing on march 1 the seller will be debited the proration of the second half of the property tax year based on the assessment that was determined at the beginning of that tax year. Similarly the buyer will also be debited from coe to the end og the tax year, escrow will pay the county and it will be done. Of course this is assuming the seller didn’t make the second half payment yet.

Now once the property is reassessed, then depending on the reassessment the buyer may or may not receive a credit with the supplement. If the assessor feels that the purchase price was signicantly low the assessment will be higher then purchase price.

So one hole in the process is if escrow gets the assessed value from the recorders office. The recorder generally doesn’t get the assessed valu until september which coincidetally is when you get your tax bill. So let’s say you are closing escrow in say sept and the assessor has significantly reduced the assessment but it wasn’t released to the recorder yet. So when that escrow closed both sides would have prorations based on the higher amount. Similarly the escrow company would have payed the first half based on an incorrect assessment. Also the proration debited from the seller would have been incorrect (to high). So after that closing happens the seller cannot retreive that overpayment from the county. They have to go to escrow who will then have to go to the buyer to try to get the overprorated amount back

Anyways thanks for correction as I was out in space.

[SD Realtor]

Hi Jeeman

Escrow does not ever pay the property taxes. Rather escrow always uses the assessed value on record at the county, and will prorate the closing statements for the buyer and seller accordingly in the forms of debits or credits.

This can be problematic because when you get your bill in April, that assessed value will not correlate to the prorations that escrow calculated because they use whatever is on record.

This makes it tough for escrow companies to give definitive answers when assessed values are in a state of greater flux. We run into these sorts of problems alot because of the flips we do. Since escrow only credits/debits the buyer and seller, in one case we had a fairly large discrepancy in one of our transactions. In essence we had escrow write a letter to the buyer and the buyer actually sent the difference back to escrow that then conveyed to us as sellers.

In your case it is you the buyer but the same problem still exists. Now the county will most likely send you the second installment since it occurs in a few days but not late til 4/10 and it should be the same as the first installment which is what escrow has on record. You will then get a supplement which should be some sort of refund but… you never know.

Try calling the assessors office.

[SD Realtor]

Hi Jeeman

Escrow does not ever pay the property taxes. Rather escrow always uses the assessed value on record at the county, and will prorate the closing statements for the buyer and seller accordingly in the forms of debits or credits.

This can be problematic because when you get your bill in April, that assessed value will not correlate to the prorations that escrow calculated because they use whatever is on record.

This makes it tough for escrow companies to give definitive answers when assessed values are in a state of greater flux. We run into these sorts of problems alot because of the flips we do. Since escrow only credits/debits the buyer and seller, in one case we had a fairly large discrepancy in one of our transactions. In essence we had escrow write a letter to the buyer and the buyer actually sent the difference back to escrow that then conveyed to us as sellers.

In your case it is you the buyer but the same problem still exists. Now the county will most likely send you the second installment since it occurs in a few days but not late til 4/10 and it should be the same as the first installment which is what escrow has on record. You will then get a supplement which should be some sort of refund but… you never know.

Try calling the assessors office.

[SD Realtor]

Hi Jeeman

Escrow does not ever pay the property taxes. Rather escrow always uses the assessed value on record at the county, and will prorate the closing statements for the buyer and seller accordingly in the forms of debits or credits.

This can be problematic because when you get your bill in April, that assessed value will not correlate to the prorations that escrow calculated because they use whatever is on record.

This makes it tough for escrow companies to give definitive answers when assessed values are in a state of greater flux. We run into these sorts of problems alot because of the flips we do. Since escrow only credits/debits the buyer and seller, in one case we had a fairly large discrepancy in one of our transactions. In essence we had escrow write a letter to the buyer and the buyer actually sent the difference back to escrow that then conveyed to us as sellers.

In your case it is you the buyer but the same problem still exists. Now the county will most likely send you the second installment since it occurs in a few days but not late til 4/10 and it should be the same as the first installment which is what escrow has on record. You will then get a supplement which should be some sort of refund but… you never know.

Try calling the assessors office.

[SD Realtor]

Hi Jeeman

Escrow does not ever pay the property taxes. Rather escrow always uses the assessed value on record at the county, and will prorate the closing statements for the buyer and seller accordingly in the forms of debits or credits.

This can be problematic because when you get your bill in April, that assessed value will not correlate to the prorations that escrow calculated because they use whatever is on record.

This makes it tough for escrow companies to give definitive answers when assessed values are in a state of greater flux. We run into these sorts of problems alot because of the flips we do. Since escrow only credits/debits the buyer and seller, in one case we had a fairly large discrepancy in one of our transactions. In essence we had escrow write a letter to the buyer and the buyer actually sent the difference back to escrow that then conveyed to us as sellers.

In your case it is you the buyer but the same problem still exists. Now the county will most likely send you the second installment since it occurs in a few days but not late til 4/10 and it should be the same as the first installment which is what escrow has on record. You will then get a supplement which should be some sort of refund but… you never know.

Try calling the assessors office.

[SD Realtor]

Hi Jeeman

Escrow does not ever pay the property taxes. Rather escrow always uses the assessed value on record at the county, and will prorate the closing statements for the buyer and seller accordingly in the forms of debits or credits.

This can be problematic because when you get your bill in April, that assessed value will not correlate to the prorations that escrow calculated because they use whatever is on record.

This makes it tough for escrow companies to give definitive answers when assessed values are in a state of greater flux. We run into these sorts of problems alot because of the flips we do. Since escrow only credits/debits the buyer and seller, in one case we had a fairly large discrepancy in one of our transactions. In essence we had escrow write a letter to the buyer and the buyer actually sent the difference back to escrow that then conveyed to us as sellers.

In your case it is you the buyer but the same problem still exists. Now the county will most likely send you the second installment since it occurs in a few days but not late til 4/10 and it should be the same as the first installment which is what escrow has on record. You will then get a supplement which should be some sort of refund but… you never know.

Try calling the assessors office.

[SD Realtor]

Yes it was purchased by a flipper oc. Look for it on the market in the future.

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