I just helped a client complete a 1031 exchange and thought it would be helpful to explain a little bit more about the process. As always, I am not a financial advisor, so please seek
Friendly reminder! Property tax bills have been issued
Dated: October 1 2020
Property tax bills for the majority of metro-Atlanta counties have been issued
Do I pay the tax bill or does my Lender?
If you were a cash Buyer or a Buyer who did not escrow taxes with your Lender you are responsible to pay the bill if it was not issued at the time of closing.
If you escrowed taxes with your Lender, your Lender will pay the tax bill if it was not issued at the time of closing, but we still recommend you provide a copy of the tax bill to your Lender’s customer service tax escrow department to insure it is timely paid.
Were tax bills issued at the time I closed?
If you closed between January and July, in most cases tax bills were not issued at the time of closing. You received a credit at closing from the Seller for the Seller’s pro-rated share of the taxes and therefore you must pay the entire tax bill now due.
If you closed in August or September, tax bills were issued in some counties but not all. You will need to review page one your settlement statement to see if:
1. You received a credit from the Seller (meaning the bill was not out and you will need to pay the bill in full); or
2. You were debited at Closing (meaning the bill was paid at closing and you don’t need to take further action at this time).
For additional information, please see your specific counties tax assessors website
Jeanine is a Chicago native and a 7 year resident of Peachtree Corners, GA. Jeanine and her family moved to Peachtree Corners in 2013 for her promotion with an Animal Health Pharmaceutical Company in....
Latest Blog Posts
Property tax bills for the majority of metro-Atlanta counties have been issuedDo I pay the tax bill or does my Lender? If you were a cash Buyer or a Buyer who did not escrow taxes with your
This amazing 4 sided brick home in Peachtree Corners is UNDER CONTRACT!! Only 4 days on the market and 9 offers received, we are officially out of the due diligence period!Here is a little bit