27 May What Buyers Need to Be Aware of After Close Of Escrow – Part 1: Taxes
As Escrow Holders we often get inquiries from Buyers and Sellers well after the close of an escrow. It is a common belief that our responsibility as Escrow Holder continues after the close of escrow, when, in fact, escrow no longer has any connection with the transaction once it is officially closed. As a neutral third party in the transaction, escrow may not always have all the answers but your escrow officer can guide you to a source that can help you.
In this series of posts, I will address some of the most common questions asked by new home owners after the close of escrow. This first post addresses the issue of taxes.
TAXES
Almost always, we get calls from Buyers after the close of escrow, asking about property taxes. As a new home owner it is important to remember the following dates:
- The fiscal year begins July 1 and ends June 30 of the following year.
- The first installment of taxes is due November 1 and is delinquent December 10.
- The second installment is due February 1 and is delinquent April 10.
It is the Homeowner’s responsibility to make tax payments on time. Keep in mind the County Tax Collector will not waive tax penalties, regardless of the reason. To avoid paying any penalties, make sure to pay the bill on time. If you have not received a bill as the due date approaches, contact your County Tax Collector and request for a duplicate bill.
Keep an eye out for my next post where I will explain what a home buyer needs to know about the Residential Property Report.
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