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Harlan Florence

Real Estate Closing Attorneys in Atlanta, Georgia

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I bought my house and got a tax bill for the entire year. Do I have to pay it? What gives?

So you bought a house and just received a bill for the whole year of property taxes? No need to worry! This is perfectly normal, and everything is fine.

You see, the property tax bills weren’t available when you bought your house. If they were, they would have been collected for and paid at closing. But when you bought your house, they weren’t out. And since most tax offices don’t release the yearly bills until autumn, this happens pretty much every time someone buys a home.

That’s why there are prorations. If you look at your settlement statement, you should see a credit from the seller to you; and this represents their portion of the taxes. The proration amount is based on the last available bill, and the credit reduces the amount you otherwise would have needed for closing. Everybody’s responsible for their part of the taxes, after all!

When the bill finally does come out, you are ultimately responsible for paying the entire amount that’s owed. If you have a mortgage, most of the time all you need to do is forward the bill to your mortgage company. They’ve already been collecting escrow in anticipation of paying those taxes. If you own your home free and clear, then you should go ahead and pay that bill – but know that the seller contributed their portion at closing.

Harlan Florence is an Atlanta-based boutique law firm that believes there’s a better way to handle your real estate closing. We’d love to work with you. Contact us today, and let’s see what we can do together.

Photo by The New York Public Library on Unsplash

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May 29

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We are closed to celebrate Memorial Day, and will be back at the office tomorrow morning. In the meantime, here's what Memorial Day is all about: http://ow.ly/ezwB50OyPJX

Photo by Robert Linder on Unsplash: https://unsplash.com/photos/OXNf1zseXB0
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May 10

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All work and no AC makes something something something. We're on day three of no air conditioning. Know what? It's hot.
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May 8

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So. The office's air conditioner has gone to meet the choir invisible. It's dead. Passed on. An ex -air conditioner. So we're knocking off early, 'cause it's hot in here. So hot. But we'll be back at it in the morning when we hear the AC will be back up and running. See you soon!
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Feb 20

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We're closed for Presidents Day, but we'll be back at it tomorrow. In the meantime, here are some fun facts about those who have held the office.  https://www.mentalfloss.com/article/531531/american-presidents-facts
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Jan 30

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Let's review how tax prorations! https://harlanflorence.com/tell-me-how-tax-prorations-work/
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Jan 16

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We are closed for the Martin Luther King Jr. holiday.
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Harlan Florence, Attorneys at Law. 5775 Glenridge Drive, Building B, Suite 550, Atlanta, Georgia 30328.
T:770 817 1012 F:770 817 1013 W:www.harlanflorence.com (but you already know that, since you're here, right?)
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