Profile picture for Brangon951

during purchase looks like i am billed for past property tax is it right?

I am signing hoa closing docs, however I noticed that I am billed for last half installment of county property tax of 2014 for twice year installment of property tax. However in county web site the same bill says period is 2013-2014. The record shows first half was paid by seller. Since I am purchasing at this time and purchase completion is finished at Mid Jan 2014 so I am the owner of unit around that time. This means I am paying for past property tax during which I was no an owner. Is this right? This is in california. Thanks
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January 11 - US
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Profile picture for wetdawgs
If it is described as a  2013-2014 tax period, most likely the period  is July 1 to June 30th.  (You can call your county's assessor's office to get more detail.)  Therefore, if this is the case, you will own your home for approximately half of the tax year so it is normal to pay half the taxes.   The closing folks will calculate it down to the exact date.

Of course, in CA the property tax is calculated based on your purchase price, so don't be surprised to get a bill in the mail to make up the difference between the old value and your new value established by the purchase price.

Enjoy your new home.

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January 11
Depending on the type of sale you may be responsible for past taxes. Did you buy at an auction? If you bought this as a traditional sale, short sale, or REO you should have been made aware of any unpaid taxes prior to closing. Most times the selling party is required to pay the past due balances so that you are receiving the property free and clear. From there you would be responsible for future tax payments.
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January 12
Profile picture for wetdawgs
It is smart to evaluate every line on closing!
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Profile picture for Brangon951
Thanks indeed the period of 2013-2014 was split between new year :) I am relieved. Thanks! 
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January 12
 
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