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Updated over 10 years ago on . Most recent reply

Account Closed
  • Residential Real Estate Agent
  • Knoxville, TN
8
Votes |
41
Posts

Title company wants to charge me (the seller) additional property tax after the flip property has already closed?

Account Closed
  • Residential Real Estate Agent
  • Knoxville, TN
Posted

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."

Most Popular Reply

User Stats

1,980
Posts
948
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Bryan L.
  • Residential Real Estate Agent
  • Cookeville, TN
948
Votes |
1,980
Posts
Bryan L.
  • Residential Real Estate Agent
  • Cookeville, TN
Replied

Usually, at closing you will sign some type of paperwork that says that you agree to correct any errors after closing.  In this case that you describe, it seems legitimate.

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