Taxes, as well as buying and selling real estate, can be very overwhelming. Real Estate Property Taxes are included in every Escrow transaction and can be confusing because it’s always paid and prorated differently depending on the time of year. EscrowOne, Inc. will make every effort to give you an understanding of the Property Tax due dates, delinquent dates as well as the prorations credited through Escrow.
Property Taxes are due in two installments/payments. Each billing cycle starts at the end of one year and ends in the spring of the next year. For example:
1st Half TaxesDELINQUENT : Dec. 10th
- PAYMENT COVERS:
- July 1st – Dec. 31st
2nd Half TaxesDELINQUENT : April 10th
- PAYMENT COVERS:
- Jan. 1st – June 30th
While in Escrow, Taxes are usually paid current and then prorated so the seller and buyer are only paying property tax for the time-period they own the property. The Buyer’s new lender is usually the one who will determine if taxes must be paid through the file, or if they will collect enough at the closing, to pay themselves, when they are due.
Below is a tax proration chart to help you determine what may be required of you during your upcoming transaction.
Keep in mind that even though not yet due, the new lender can require that the next installment of taxes be paid. If that occurs, the prorations would be adjusted to reflect the new paid to date.
EscrowOne is always happy to answer any questions and explain your transaction to your full contentment, providing you with confidence that you made the right choice with EscrowOne, Inc.
ESCROWONE, INC. – LANCASTER
LICENSE # 963-2613
43832 20th Street West, Ste. 102, Lancaster, CA 93534
Ph: 661-945-6991 Fax: 866-304-1745
Or you can Email:
Donna Magoch at Donna@escrowone.com
Maria Vargas at Maria@escrowone.com
ESCROWONE, INC. – PALM DESERT
LICENSE # 863-1653
44200 Town Center Way, Ste 102, Palm Desert, CA 92260
Ph: 760-836-1881 Fax: 760-836-1887
Call or Email:
Priscilla Garcia at Priscilla@escrowone.com
Traci Keller at Traci@escrowone.com