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Property Tax calculation

If I close escrow at Dec. 1, 2010 I only pay the property tax from Dec. 1 - 31, 2010.
How about close escrow at Jan 5, 2010, how to calculation property tax?
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December 13 2010 - San Mateo
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Answers (4)

You only pay for the period that you own the house.
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December 13 2010
Profile picture for Pasadenan
Escrow will prorate payments for the seller to the county for the days not paid for yet that you didn't own, and in February, the second installment is due covering 1/1/11 through 6/30/11.  You need to pay the full amount.  If you are escrowing your tax payments as part of your mortgage, the mortgage company will take care of this for you.  Personally, I think it is better to pay yourself to keep better track.  And then, in about 6 to 8 months you receive the "supplemental tax bill" for the change in assessed value from the time of ownership transition.

Supplemental Bill Sample

Annual Bill Sample
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December 13 2010
Profile picture for wetdawgs
You pay property tax for the days you own the house, no more no less.
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December 13 2010
Figure on paying the previous owners rate for 6 Jan to 30 Jun (or for 6 Jan to 31 Dec, if this happens in a state where they are paid annually). Then, your property will be re-asessed to the sale price of the home and you'll either be sent a bill for the difference, or receive a credit for the difference.

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December 13 2010
 
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