Property Taxes Flashcards
When do property taxes become a lien?
January 1st
What are property taxes based on?
Assessed value.
What rates are used to calculate assessed value?
Residential- 10%
Land- 16%
When are the first half property taxes due? When are they late?
When are the second half property taxes due? When are they late?
January-June are due Oct 1, late Nov 1
July-December are due March 1, late May 1
How are property taxes paid?
In arrears.
How are property taxes prorated at the close of escrow?
On a 360 day year. COE is the buyers day. They are a debit to the seller and credit to the buyer.
First half taxes are pro rated using
The prior years figures.
What comes second, after property taxes, in lien priority?
Special assessments
When a property tax sale is held, the low interest bidder receives
A certificate of purchase
How long must a certificate of purchase holder give to the owner before a foreclosure can begin?
3 years
Do property taxes come before an IRS lien or deed of trust?
Yes
The buyer is likely to accept title with which years taxes?
A property tax lien for the current year.
Primary Lien
Property taxes- nothing comes before them
