Tip 39-2013: Holidays & Taxes

As the end of the year quickly approaches, many people are thinking of the coming Holiday Season. The Treasurer's Offices, on the other hand, are thinking of taxes. A number of tax bills are due on December 5^th, and many jurisdictions send tax bills to the owner of record as of January 1^st.

Please inform your clients that if they purchased a property during the year, they may have to be proactive and contact their local Treasurer's Office to verify that the tax bill will be sent to the correct party. Hopefully, if they have a mortgage, their mortgage company is dealing with the tax bill.

If a closing involves a payoff to a lender, that lender typically notifies the relevant Treasurer's Office of the changes. Yet, that is not always the case. And even if the Treasurer's Office is notified, they might not have made the changes in time for the mailing of the tax bill. Cash buyers need to be particularly proactive about making sure that the necessary updates have been made, as there is no lender to speak on their behalf.

In fact, a preemptive phone call before taxes are due could save many from the headache of delinquent tax notices!

 
Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, VA
434-973-7474
www.TGBLaw.com