Property Taxes allocation - buyer vs ... Log Out | Lost Password? | Topics | Search
Moderators | Register | Edit Profile

M-SO Message Board » Mostly Maplewood: Related to Local Govt. » Archive through May 5, 2003 » Property Taxes allocation - buyer vs seller « Previous Next »

  Thread Last Poster Posts Pages Last Post
  ClosedClosed: New threads not accepted on this page        

Author Message
Top of pagePrevious messageNext messageBottom of page Link to this message

Keith Meyer
Citizen
Username: Kmeyer

Post Number: 1
Registered: 10-2002
Posted on Friday, October 11, 2002 - 12:17 pm:   Edit PostDelete PostPrint Post   Move Post (Moderator/Admin Only)

I purchased a house in Maplewood right in the middle of 2001, July 1. The previous owner had paid two tax bills. I paid the remaining two bills for the year. Total taxes were about $10k, but the previous owner paid about 2 x $2k = $4k and I paid 2 x $3k = $6k.

If I am right, each of us should have been responsible for 1/2 of the annual tax bill. The revaluation was effective Jan 01 but didn't show up on the bills until Aug.

So the issues are:

1) Am I right that I should have had to pay only $5k - 1/2 the yearly total?
2) If so, is the previous owner still liable and owns me the $1k discrepancy?
3) Shouldn't my lawyer have known about the reval and escrowed more money in anticipation that my bills in the 2nd half of year would be higher?

4) Even if the reval didn't take place, aren't the tax bills in the second half of the year always higher so the lawyer should have escrowed some money to cover that?

5) Was my lawyer negligent in not escrowing more?

6) If so, what is my recourse?

Any advice would be welcome. Thanks.

Top of pagePrevious messageNext messageBottom of page Link to this message

Keith Meyer
Citizen
Username: Kmeyer

Post Number: 2
Registered: 10-2002
Posted on Friday, October 11, 2002 - 12:32 pm:   Edit PostDelete PostPrint Post   Move Post (Moderator/Admin Only)

I just realized I posted this on the wrong board. Sorry.

Topics | Last Day | Last Week | Tree View | Search | User List | Help/Instructions | Program Credits Administration