Posted on 12/07/2015 4:00:33 PM PST by Perdogg
I reread the bill, I am supposed to forward it to my mortgage company. Duuuuhhhh Long day.
Page 2 line 511 of my settlement statement has the charge to the seller for the property taxes to the date of sale.
Under “adjustments for items unpaid by seller”.
see #41.
Happens LOL!
OK well look at your closing statement and look on the sellers side and see if any money was collected from them. As a 17 year mortgage broker and long time underwriter I can tell you that normally they collect from the seller for however many months the seller lived in the property up until the closing and then they credit it to you and then when the tax bill comes due you pay the whole thing.
see #41.
OK so they collected it. I figured. Closing attorneys almost never eff up. :-)
Was this an arm’s length transaction?
Why did you pay all closing costs, was this an auction?
Were you represented by a realtor?
I’m missing something in this transaction!
The taxes have to be paid and if the prior owner did not then you are required to. If it was not in your contract for the previous owners to pay the taxes through the closing date you are totally on the hook. If your contract states they have to pay you better pay and try to recoup so Fairfax County doesn't foreclose.
Make an appointment with the place that did the closing, take along your paperwork, and they will explain it to you. And, you may want to file an amended tax return if you didn’t fully claim all property taxes that you could have. This isn’t rocket science and easily understood.
If back taxes were due on the property they were paid when you closed on the sale. The bill you just got is a notification of the amount due for December which your escrow should cover and your mortgage company will pay. Keep the notice to help with federal tax filing in April.
It is possible the notice you got is the new assessment for the upcoming two years. It tells you what the county has valued your property as being worth and they are informing you that this is the price they will used to determine your taxes for the next two years. The mortgage company will adjust your escrow accordingly.
York County FRiend and former Fairfax Co. freeper, OOS
Municipalities will do anything and everything to tax you as much as they can get away with in order to keep their gravy train rolling. It is absolutely disgusting.
In my case, it was all three. When we bought the property, taxes were assessed after you lived in the house. On Jan 1, we were given a bill for the taxes for the previous year. If you bought a house during the year, you owed taxes for the portion of the year that you owned it. You didn't owe any taxes at closing.
Then the governments went to twice a year billing. In the process they slipped the timing to the mid year date that the partial taxes were due. A while later, they slipped the date, again, so now we pay taxes for the year ahead of the time we will live in the house. This, of course allowed them to collect an extra year's taxes without any public outcry.
So, now we pay in advance. If you buy a house mid-year, you have to pay the seller back for the taxes he paid previously, and you also owe next year's taxes on January 1 (or so). Depending on what your local agencies do, you could be in any, or all of the above conditions. When I say "local agencies", there are school operating budgets, school capital budgets, county taxes, township taxes, etc. They can all have different time periods. You pretty much have to trust your title agency to keep it all straight. Your title insurance should cover you for any mistakes, though, if you owe money, you will have to pay it in spite of having title insurance.
Am taking an on-line course right now to get my VA real estate license and this bloody situation is part of the course...
From what I have learned (if I have it right which is questionable), you are right! The previous owner pays the taxes for the first part of the year while they occupied the house. You are responsible for taxes after you occupied the house. Taxes are paid in arrears (a year behind) so the closing company should have made sure the sellers forked over the $ for the up coming tax bill. I’d contact the closing company which got big $$$ to conduct the transaction properly and let them know about this tax bill you got...good luck.
Ooooooooh.....
It’s something that happens a lot. Looks like a bill but, in small print, says that usually the mortgage company has it in escrow and will pay it for you as it’s factored into your monthly mortgage payment...
Next problem: why the heck did you buy there? No. VA is ugh!
Again, good luck...
Ooooooooh.....
It’s something that happens a lot. Looks like a bill but, in small print, says that usually the mortgage company has it in escrow and will pay it for you as it’s factored into your monthly mortgage payment...
Next problem: why the heck did you buy there? No. VA is ugh!
Again, good luck...
BTW, can you work to get rid of that fat jerk, Connelly? He needs to GO!
Good point!
My county’s personal property dept never tells anyone that if your car has over a certain amount of mileage, the bill is reduced. Had to read about it a letter to the editor in a local paper. When I went in to get the tax bill adjusted, the clerk acted like she was personally offended that I wanted to reduce my tax burden...sheesh.
Sorry, iPad is freaking out...
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