Who is responsible for the taxes if a property is sold after January 1?
A. 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 old 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. The lawyers assisting each party should already have investigated any outstanding taxes and obtained a Municipal Lien Certificate. Once the agreement is made, the new owner is obligated to pay any outstanding taxes due on the property.
Even though the tax bill will bear the name of the assessed owner as of January 1, the new owner is responsible for all real estate taxes once the sale of the property is finalized. The Collector’s Office sends a duplicate tax bill to the new owner once a copy of the updated deed is received from the Hampden County Registry of Deeds. The following fiscal year’s bill will be in the new owner’s name.
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 old 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. The lawyers assisting each party should already have investigated any outstanding taxes and obtained a Municipal Lien Certificate. Once the agreement is made, the new owner is obligated to pay any outstanding taxes due on the property.
Although the tax bill will bear the name of the assessed owner as of January 1, the new owner is responsible for all the taxes once the sale of the property is finalized. The amount of tax owed by the old 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. The lawyers assisting each party should already have investigated any outstanding taxes and obtained a Municipal Lien Certificate (Collectors). Once the agreement is made, the new owner is obligated to pay any outstanding taxes due on the property.
