Spring may be just around the corner, which means that along with the promise of fresh blooms, well, there’s Tax Season!
Buyers should be aware that while escrow prorated taxes split appropriate credit between buyer and seller, the actual taxes may not have been paid. The buyer will be responsible for any unpaid taxes at the end of escrow. Check your escrow papers and/or title report to determine if any portion of the annual taxes were paid by the previous owner before the close of escrow.
If any taxes remain unpaid, call the tax collector for your county and request a bill. When you call, give the identification number of the assessor from the previous tax bill, property address or legal description. State laws specify failure to receive a bill does not allow the tax collector to waive penalties on late payments.
Look for more tax tips in our upcoming newsletters!