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Atlanta Taxes and Other Tax Tips – Keller Williams Realty Atlanta Real Estate Legal Tip

Wednesday, September 1st, 2010

Keller Williams Realty Atlanta – Peachtree Road

Real Estate Legal Tip

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Legal Tip: More About Property Taxes

New this week: Fulton County and City of Atlanta tax bills are out.

Due Dates:   Atlanta: October 15, 2010     Fulton: October 31, 2010

Tips for contracts and closings:

1.     Write in a Special Stipulation that the Seller’s contribution to closing costs can also include TAX PRORATIONS,

The standard GAR contract language includes “lender escrows” in the Seller contributions but not prorations. Once the tax bills are out, the tax escrows are lower, but the prorations are much higher, especially in late summer (as much as one-third of the annual bill).

2.     Make sure that the current year’s property tax bills are being paid at closing on the HUD-1 or are being escrowed to be paid later this year (not next year).

Because some of the metro Atlanta counties change their tax due dates every year (especially Fulton), the lenders may be using a timetable to calculate escrows that does not show the accurate due dates for the current year.

Traditionally, Atlanta taxes were due by August 15th and Fulton taxes were due by October 15th.

Last year, the Atlanta/Fulton bills did not come out until Octber 15th and were due in December.

This year is different again.

Protect your buyer and seller by confirming how this year’s tax bill is being handled. Never assume that it is being taken care of.

Presented by Leigh Clack, Attorney
Neel & Robinson Attorneys at Law, LLC
22 Lenox Pointe, Atlanta, GA 30324
lenox@neelandrobinson.com 404-705-3690   fax 404-705-3697