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How are property taxes split between buyer and seller at closing?
Property taxes are prorated at closing based on each party's ownership period. If you prepaid the full year, you receive a credit for the buyer's portion. If taxes are in arrears, you owe a debit for your share. In New York, tax years and payment schedules vary by municipality, so your attorney must calculate the exact proration based on local rules. Resolve the proration method in the contract to avoid disputes.
From the seller playbook: Property Tax Proration and Assessment Risk in NYS Closings
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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