It is my understanding that most if not all real estate tax's are payable in advance. So does a buyer pay only the tax from the day of possession to the end of year or fiscal year and this amount goes back to the seller. Is this correct?
I found the answer. For instance: If a seller has paid the tax in full for the entire year, then the buyer pays a prorated amount calculated from the day after settlement to the end of the taxable period. This amount will go to the seller to reimburse him/her. The escrow company will work out the calculations.
This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.