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You bought a house in 2009 and the property tax was already paid. When will you start to pay property taxes in 2010?
Wiki User
∙ 13y ago
When you begin to pay real estate taxes in 2010 depends on three things: (1) when real estate taxes are levied and payable in your taxing district; (2) how you agreed to prorate real estate taxes in the contract to purchase the property; and (3) whether your lender required you to set up an escrow account that included an amount for real estate taxes. Each state prescribes the effective date for real estate taxes or tax day. Each taxing district within the state must comply with state tax laws concerning tax levies and the billing and collection of taxes, but this may include one tax payment each year or up to four equal installments throughout the year (two is typical). Most standard contracts to purchase require that real estate taxes be prorated on a calendar year basis. A majority of homeowners today have escrow accounts that they pay into each month so that real estate taxes can be paid when they are due.
Wiki User
∙ 13y ago
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