Do Property Taxes Get Adjusted Mid-Year?

[Shari B.]

I’m purchasing an investment property in the Atlanta, Georgia area. The original owner has a ton of exemptions so she only pays $400/ year on property taxes. Without the exemptions the bill is $4,000+. Tax bills have already been sent out (I own another property in the same area and I’ve already received my bill). My question is twofold:

1. This far into the tax year, will the property tax due in October be recalculated for the new buyer or does the new buyer pay the old taxes for this year? I know they’ll go up next year.

2. I am purchasing the property from a company that is purchasing from the original owner (the lady with the exemptions). We are doing a back to back closing. If the property tax is expected to increase for the new owner, should the company making the purchase from the original owner reflect the higher tax amount on the ALTA in my transaction? That is, should the ALTA in my transaction reflect a credit from my seller for half of the anticipated new taxes or half the old taxes?

Thanks