A primer on property taxes

Percentage paid at closing varies by state

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DEAR BERNICE: Do I have to pay 2008 or 2009 taxes in escrow? What things should I be considering before going ahead? Please point me in the right direction. I really appreciate your help. –Frank P.

DEAR FRANK: I assume that you’re asking about property taxes, but city, state and federal taxes can also be issues that you must address before you close your transaction.

The amount you will have to pay in property taxes is contingent upon the time of year that you close.