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who pays property taxes at closing

1Answers

RonanLynn

11/28/2025, 06:09:55 AM

At closing, property taxes are typically prorated between the buyer and seller, so each party pays for the portion of the year they own the property. The exact amounts are calculated as part of the closing costs, based on the closing date, local tax laws, and the terms outlined in the purchase agreement. This ensures a fair division of tax responsibility for the year of the sale.

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