Real Estate (real property) Next Page This includes your home, land, farmland, and commercial property. When a tract of land is sold, a deed or document must be filed in the Recorderís office. These transfers are given to the Assessor, who makes the changes on his files, which prints on the tax bills. Determining the assessed value for real estate is quite complicated. Please see assessed value for more details. As always, contact the assessor for more information regarding any specific property.
ESCROWED TAXES -- most lenders require an escrow account to be set up as part of your monthy mortgage payment. From those funds, they request and pay your insurance and real estate taxes. Your lender or their representative must request the tax bill in writing each year or the bill will be mailed to you. I received the bill, but it should have gone to my lender. This means your lender did not request it. Forward the bill to your lender and advise them that they will need to request it in the future. I do not have an escrow account and did not receive my tax bill. I paid off my loan and should have received the tax bill. The answer is the same for both of these situations. Contact the Collector's office for a copy and request all future bills be mailed to you. We have created a special code number to assure future bills go to the taxpayer that over-rides any request received from a lender. If you receive a refund of any escrow balance from your lender, make sure your final insurance and tax payments were made before cashing the refund.
BUYING AND SELLING REAL ESTATE. In most cases, the taxes are pro-rated between the parties at the time of closing. The seller's portion is credited to the funds of the buyer and then the buyer will be responsible for the full bill at the end of the year. It is money that is exchanged only on paper so please check your settlement statement and consult with your closing agent if you have any questions on how your individual case was handled.
I recently bought the property, should I get a tax bill this year? The Assessor's office closes the files around October 1 so the Collector can prepare the tax books and bills. The owner's name cannot be changed once the books are locked in and printed. After November 1, the closing agent usually pays the tax at the time of closing, however, any unpaid tax becomes the responsibility of the new owner. It is advised that you confirm all taxes are paid on any real estate acquired no matter what time of the year it is transferred.
I recently sold my real estate and I received the tax bill. The taxes were probably taken care of at closing. Contact the Collector's office to verify payment and/or transfer information. Also, you may want to review your settlement sheet to confirm that your portion was withheld at closing. This is the amount you will use as an income tax deduction. Your settlement sheet will be your proof of payment. The tax receipt will be for the full year not just your portion as seller.