Who receives the property tax credit in escrow in this situation?

[Mike Miller]

Just hypothetical here:

If I bought a house on October, 2013. The sales price was $850,000 and the assessed value was $500,000...... Who would receive the property tax credit and how much would the credit be? 

Thanks

[Wayne Brooks]

Depends if the owner has already paid the taxes for the year, or if you pay them at the end of the year.  If the taxes were already paid by the seller, then the buyer has to pay for the 75 days this year he will own it, and that would be credited back to the seller.  If the buyer has to pay the taxes afterward, then the seller credits the buyer for the 290 days he owned it, but didn't pay the taxes on it yet.