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1 year ago

Generally, real estate taxes for a tax year are divided between the buyer and the seller based on ______.

1 answer:

6 0

In general, real estate taxes are divided between the buyer and seller based on the number of days each party held (or will hold) the property during the tax year.

<h3>What is Property tax?</h3>

Real estate taxes and property taxes are the same things.
They are levied on the majority of properties in the United States and paid to state and local governments.
Property taxes (or real property taxes) generate funds that are generally used to help pay for state and local services.
In general, real estate taxes are divided between the buyer and seller based on the number of days each party held (or will hold) the property during the tax year.
Investors can defer taxation by selling a property investment and using the proceeds to buy another property in a 1031-like-kind exchange.
Landowners can borrow against their current property's equity to make other investments.

Therefore, generally, real estate taxes for a tax year are divided between the buyer and the seller based on the number of days each party held (or will hold) the property.

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