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#456961 - 03/19/17 04:08 AM How Much Real Estate Tax Is Owed?
rjlocal22 Offline
Member

Registered: 01/22/17
Posts: 18
Loc: Pennsylvania
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?

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#456968 - 03/20/17 12:40 AM Re: How Much Real Estate Tax Is Owed? [Re: rjlocal22]
rjlocal22 Offline
Member

Registered: 01/22/17
Posts: 18
Loc: Pennsylvania
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.

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