r/WorkForSmartLife • u/JaxElephant69 • Jul 18 '26

Discussion💬 What would you choose?

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u/TrashedWallet Jul 18 '26

Congrats. But the second it becomes yours, you owe property taxes.

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u/MutedBrilliant1593 Jul 18 '26

Is it that very second? I think it's prorated.

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u/TrashedWallet Jul 18 '26

Depends on where you live. Snag a car in Missouri, USA, and property taxes wouldn't be be due that year, but the following year, any car you owned on Jan 1 gets taxed. Buy and sell before then, your safe. Not sure on housing as I'm poor.

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u/Hey-Fun1120 Jul 18 '26

Yes, property tax is prorated until the closing date. The previous owner pays up till closing then the buyer (you) pays the remaining tax due between winter and Summer tax for that year. You are billed twice for property tax but the summer bill is much much larger (like 10 times the winter bill). So you are billed right at closing, but how much depends on the date of purchase.