real estate tax implications
I am closing on Dec 29'2004. Are there any potential real estate tax implications in closing before end of the year vs during beginning of new financial year.(2005) I have heard of significant difference although not sure.
in the states that I have had real estate dealings in , the tax for the county fiscal year was prorated as of the day of closing. taxes before closing date paid by seller, those for after closing paid by buyer. Check with your closing attorney or county tax office for details in your county.