Legal Question in Real Estate Law in Oregon
Who pays property taxes in a closing
Who is responsible for paying the property taxes in a real estate close, buyers or sellers in either Oregon or California?
2 Answers from Attorneys
Re: Who pays property taxes in a closing
In most real estate transactions, the contract between the parties provides that the property taxes are prorated between the buyer and seller. This means that the seller pays the property taxes for the time the seller owned the property and the buyer pays for the part of the tax year the buyer owned the property.
Who actually puts money into escrow depends on what time of the tax year the sale closes, and whether the seller had already paid taxes for the full tax year.
Re: Who pays property taxes in a closing
Whoever owned it at the time they cover.
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