Tag

pro rata

Pro Rata Property Taxes and End of June Closings (December, Too)

Debits & Credits, Credits & Debits In the vast majority of real estate closings in Minnesota ” 99.45%**, to be exact ” the title companies doing the closing have to calculate a  pro rata property tax adjustment between the Buyer and Seller That’s because in Minnesota, homeowners pay property taxes twice a year (May 15...
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May Closings & (Minnesota) Property Taxes

  But First . . . a Brief History Lesson I don’t know about other states ” I’m only licensed to sell real estate in Minnesota ” but here, residential property taxes are due twice a year: May 15 and October 15. Those non-randomly chosen dates stretch back to when Minnesota’s economy ” like practically...
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Fall Closings & Minnesota Property Taxes

But First . . . a Brief History Lesson I don’t know about other states ” I’m only licensed to sell real estate in Minnesota ” but here, residential property taxes are due twice a year:  May 15 and October 15. Those non-randomly chosen dates stretch back to when Minnesota’s economy ” like practically every...
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Pro Rata Property Taxes and End of June Closings (December, Too)

Debits & Credits, Credits & Debits In the vast majority of real estate closings in Minnesota — 99.45%**, to be exact — the title companies doing the closing have to calculate a  pro rata property tax adjustment between the Buyer and Seller That’s because in Minnesota, homeowners pay property taxes twice a year (May 15...
Read More

May Closings & (Minnesota) Property Taxes

But First . . . a Brief History Lesson I don’t know about other states ” I’m only licensed to sell real estate in Minnesota ” but here, residential property taxes are due twice a year: May 15 and October 15. Those non-randomly chosen dates stretch back to when Minnesota’s economy ” like practically every...
Read More

“Hey! I Thought the Property Taxes Got Paid at Closing!”

I’m sure I’m not the only Buyer’s agent who fielded a call this Fall from a (mildly) annoyed client, wanting to know why Hennepin County sent them an invoice for 2nd half property taxes. Especially when they were sure their agent (OK, me) showed them on their closing worksheet (now called the “ALTA”) exactly where...
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