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Updated about 10 years ago,
Title company wants to charge me (the seller) additional property tax after the flip property has already closed?
Hello, just received the following email saying I owe additional pro-rated property taxes for a recent flip that closed in late September. Anyone else had this happen? It seems to me that this was the Title Company's error? The dollar amount is small and won't really change anything financially but this just seems fishy to me? Any advice or guidance is welcome. I'm located in Tennessee if that makes a difference.
"City of XXXX recently reassessed property values and issued the new actual 2014 property tax rate for the above-referenced property. The property tax proration for the closing of the property was an estimate based on the 2013 assessment and tax rate pending the determination of the 2014 tax assessment and rates. The actual property tax for 2014 is higher than the tax charged on the Settlement Statement at the closing of the property.
Please remit the amount of $17.83 payable to XXXX Title for the shortage and send to XXXX Title to account for the deficiency of prorated property taxes for 2014. Please confirm receipt.
If you have any questions, please do not hesitate to contact our office."