When you sell your home in the great state of Iowa, you will need to bring your property taxes up to date. It is a bit confusing because 1) in Iowa we pay taxes in arrears and 2) the tax fiscal year begins on July 1st. So when homeowners sell, they will find the taxes due deducted, on their Settlement Statements, from their proceeds. Depending on the date you close will determine the amount of months of taxes due. Some taxes will be due now and some will be due at a later date which is usually credited to the buyer, on the Settlement Statement, so the buyer can pay those taxes when they are due. Often sellers 'forget' about the credit of taxes they received when they purchased the home.
Below you will find the dates when you paid your taxes (most likely your mortgage company paid them for you) and for what time period they paid for.
September 1, 2019 (pays for 1st half of 2018 which is July 1, 2018-December 31, 2018)
March 1, 2020 (pays for 2nd half of 2018 which is January 1, 2019-June 30, 2019)
September 1, 2020 (pays for the 1st half of 2019 which is July 1, 2019-December 31, 2019)
March 1, 2021 (pays for the 2nd half of 2019 which is January 1, 2020-June 30, 2020)
September 1, 2021 (pays for the 1st half of 2020 which is July 1, 2020-December 31, 2020)
March 1, 2022 (pays for the 2nd half of 2020 which is January 1, 2021-June 30, 2021)
I hope this helps to clear up a bit of the confusion! Every closing date is different, so I will be happy to do the calculation for you based on your particular closing date! Call, email or text and I am happy to answer any questions you may have!
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