Who Pays the Current Year's Property Taxes When Buying a Condo?
Generally, attorneys for the buyer and seller adjust for taxes and any other charges at the time of closing, and the apportionment of payment between buyer and seller is usually dictated by the closing date.
Re-sale condo units already have an assessed value and tax basis, but a newly created condo unit will not receive its own assessment number until the following year. Thus, the property tax for a new individual unit in its first year is apportioned based on its square-footage share of the entire complex.
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