New home closing (sales, 2013, lenders)

[cheryjohns]

Originally Posted by davidrod8

We usually get a bill in Oct/Nov, taxes are due by Jan 31st of next year. I don't roll them into the mortgage, instead paying them myself. When I pay my property taxes, am I paying taxes for 2011 or 2012?

As a seller, what is best? Try to close by Dec 31st or wait until January?

As a seller, it matters not - UNLESS you are buying another house. Then you want to close before the year is over, so you can claim homestead on your new house.

[houstonfan]

Originally Posted by davidrod8

We usually get a bill in Oct/Nov, taxes are due by Jan 31st of next year. I don't roll them into the mortgage, instead paying them myself. When I pay my property taxes, am I paying taxes for 2011 or 2012?

As a seller, what is best? Try to close by Dec 31st or wait until January?

If you are not living/needing the house any longer, close as early as you can. Taxes and HOA are prorated, so why pay for more taxes if you're not vacating the house anymore. Also, you can deduct the taxes if you paid off before Dec (I'm almost certain you can pay off the tax early and have the buyer credit you their portion at closing. I'm almost certain that was the case when I bought my house, seller paid off tax early before we closed in Decemeber). Also, as pointed out by CJ, if you found another home, you want to vacate the new home bf Jan 1 to get the homestead exemption for 2012.
Taxes that are due in the spring 2012 is for 2011 yr
Please verify w your realtor and accountant, I'm not expert, I just play one.

[RCH99]

Originally Posted by houstonfan

I'm not expert, I just play one.

fail.

[houstonfan]

Originally Posted by RCH99

fail.

Not sure what you're disagreeing with. I reread your post and seem like we agree that tax is paid arear, and stuff. If you're contesting that seller can pay off tax before closing, I just went and rechecked my closing statements and indeed, the seller paid off everything before closing date. I owed them a few hundreds at closing for taxes and a few more bucks for my portion of the HOA. I also checked my tax account and my taxes are not delinquent and i know I haven't paid them a cent yet this yr.
If you're saying I shouldn't give advice bc i'm not an expert, that is precisely why I gave full disclosure. Nobody should take legal/financial advice from this forum anyhow without verifying.

[RCH99]

I'm not "contesting" anything. Go back and re-read your jibberish about "vacating".

[houstonfan]

Oh, got it now. Vacating not the right word, should have been 'living'
**Davidrod: It should have read, if you, the seller, is no longer living in the house, then you should close as soon as possible b/c you're still responsible for the portion of the taxes, HOA up utnil the day of closing, even if you already moved out.

[johnsmith]

Same question, If I close my new house at Fort bend county in Feb 2013, can I claim homestead exemption for the year 2013. Also, the builder has to pay me the property tax for Jan this year, but the value of the house is not showing yet (land value now) until April or May, so, how much they are going to pre-pay me.

[johnsmith]

Anyone can help please?

[RCH99]

You have to be living in the home you intend to claim a homestead exemption for on January 1 of that year. In your case, you will be able to apply the homestead exemption in 2014.

Nobody is pre-paying you for property tax. The taxes for 2013 will be prorated at closing. The amount of property taxes owed from Jan. 1 through the day you actually close will be credited to you on the closing statement. Since your home was most likely substantially complete on January 1, 2013, you will be billed at the end of the year based on the appraised value that HCAD determines the value to be.

[CAHomeschoolMom]

So, if we moved in to our new home on the 31st of Dec. 2012, will we be able to claim homestead exemption this past year,or 2013?