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Updated almost 6 years ago,
Property Tax Assessment - Credit Not Covering
I purchased a home in September of 2018. The previous homeowner had bought the house 10 years prior for a value of $40k, so the taxes on the property were extremely low ($1,500). I bought the house for a little over $190k and the taxes were assessed based on the new valuation and came out where I expected ($3,900).
However the tax credit I received from the seller for the first half of 2018 was $750, but I need to cover $1,850. How is this fair? I am now covering the taxes gap during a time I didn't own the house! The title company said they have to make the purchase agreement based on the latest taxes, which were at the very low amount. Anyone dealt with this before? Anyway to work around??