Just a friendly reminder that property taxes are due November 1st and will be considered delinquent if not paid by December 1st.
Many clients inquire about taxes and how they are handled in a sale due to the tax year begining in July and sales occuring at random through out the year. Please see below for a general idea of how the proated tax cycle is handled and for important tax dates to mark on your calendar.
July 1 No Prorations
Aug 1 Charge Seller 1 month / Credit buyer 1 month
Sep 1 Charge Seller 2 months / Credit Buyer 2 months
Oct 1 Charge Seller 3 months / Credit Buyer 3 months
Nov 1 Collect 1st Installment Taxes From Sellers Account
Credit Seller 2 months / Charge Buyer 2 months
Dec 1 Charge Buyer 1 month / Credit Seller 1 month
Jan 1 No Proations
Feb 1 Collect 2nd Installment Taxes From Sellers Account
Charge Buyer 5 months / Credit Seller 5 months
Mar 1 Charge Buyer 4 months / Credit Seller 4 months
Apr 1 Charge Buyer 3 months / Credit Seller 3 months
May 1 Charge Buyer 2 months / Credit Seller 2 months
Jun 1 Charge Buyer 1 months / Credit Seller 1 months
Important Tax Dates:
July 1 Beginning of fiscal year Owners to be informed of new values
Sep In mid September tax rates set
Oct Tax bills mailed last week
Nov 1 First Installment Due
Dec 10 First Installment Delinquent, if not paid
Jan 1 Assesment Date
Feb 1 Second Installment Due
Mar 1 Taxes on unsecured roll due
Apr 10 Second Installment Delinquent, if not paid
Apr 15 Last day to file Homeowners, Veterans and Senior Citizens Exemptions
Jun 8 Publication date for delinquent taxes
I hope these dates help you in your planning but if you have any questions please consult your CPA.
Have a great rest of the week!