Do I have to pay prorated taxes at closing if I am eligible for total tax exemption?
14,190I am eligible for total property tax exemption due to 100% VA disability.
3 answer(s)
#1 Awarded – Best AnswerAbout 10 years ago
Yes. I know the answer. (I know, it is crazy that I love reading TX real estate law, but I do.)
If an exemption that applied to a residence homestead on January 1 ends during the year, tax is due on the homestead for the portion of the year AFTER the date the exemption ends. The new homeowner will pay taxes for the portion of the year they owned the home, closing date to Dec 31.
If an exemption that applied to a residence homestead on January 1 ends during the year, tax is due on the homestead for the portion of the year AFTER the date the exemption ends. The new homeowner will pay taxes for the portion of the year they owned the home, closing date to Dec 31.
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DislikeAbout 10 years ago
I do not know the answer to this question... I would have to talk to a title company to get you an answer... But I will do that and get back to you.
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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