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Because most closings for a home sale do not take place on the day the taxes are due, the seller of the home may accumulate property taxes that don't become due until after the buyer has already assumed ownership. In such cases, the title company will prorate the taxes, which involves calculating the proportions of the taxes that the seller and buyer each owe. These taxes are often due at closing, and since many homeowners pay their taxes to a lender instead of directly to the taxing authority, you typically pay the amount in equal monthly installments along with your mortgage payments, and the money is held in an escrow account on your behalf, then paid to the taxing authority.
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For Sale: $459,000
For Sale: $1,375,000
For Sale: $709,000