How are Florida real estate taxes determined?

How are Florida real estate taxes determined? Real estate taxes are pro-rated in the real estate transaction and on the closing HUD, which is the closing statement. The seller’s responsible for the taxes from the first of the year through…

How are Florida real estate taxes determined?

Real estate taxes are pro-rated in the real estate transaction and on the closing HUD, which is the closing statement. The seller’s responsible for the taxes from the first of the year through the date of closing. And the buyer receives a credit for those dates. That doesn’t mean that the taxes are being paid. That means that come November, when the tax bill comes out for the buyer, which is the new owner of the property, the buyer is responsible for paying the entire year. However, the dates that they got or received a credit for are actually reductions to the amount they need to bring to the closing. But they are responsible for the full bill come November.

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