Who is responsible for taxes if a property is sold after January 1?
Although the tax bill will bear the name of the assessed owner as of January 1, the new owner is responsible for all taxes once the sale of the property is finalized. The amount of tax owed by the previous owner is determined at the time of closing and is typically deducted from the selling price. Once this deduction is made, the new owner must pay all bills as they become due in order to avoid collection actions, including foreclosure.
