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How Do Property Tax Sales Work ?
Property taxes when it comes to foreclosures are pretty simple to understand. Many people ask attorneys the question if they are liable to pay taxes even after the property has been foreclosed and they feel that it would really add to their financial woes. |
However, most people need to understand that property tax is something that is assessed on the property and not on the people. Anyone may own the property, the mortgage company or the person who owns the home and whoever sells the property has to pay a property tax. It is as simple as that to understand. In the case of a foreclosure, it is clear that the mortgage is being foreclosed so the court will directly pay the taxes and then forward the amount to the bank or the person whose property has been foreclosed.
In case of personal or private properties which are being auctioned or sold, the property taxes needed to be paid after the sale. The property tax is calculated on the sale amount and it needs to be paid promptly to avoid any penalties. This applies to all kinds of properties whether they have been seized, sold, mortgaged, and foreclosed, auctioned or any other thing.
The property tax has nothing to do with how the property was sold and it is levied on the property in any case irrespective of the circumstances. A person who wants to know how much tax he or she should pay should actually talk to a tax attorney or a property consultant before they sell and plan accordingly.
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