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Understanding the taxes you owe when buying a home

Source: washingtonpost.com - Jun 6, 2019

Q: I am trying to find out about the real estate taxes on the home I bought just about two years ago. How much of the taxes am I responsible for since I purchased the home?

A: Well, to put it simply, you are responsible for all the real estate taxes that have been billed and are unpaid on your home, unless your purchase contract says otherwise.

When you buy real estate, you buy the land and the improvements that are on that land. But, and this is an important but, you also inherit or assume all of the real estate tax obligations for that home.

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Category: General Business