Wake County Property Tax Proration at Closing
It really isn't all that complicated.
Seller pays property tax through Closing, the date of deed recordation.
Buyer pays the balance for the year starting from the day after closing.
Wake County Property Tax year is the Calendar year, January 1 through December 31. Your Closing Attorney will divide the tax bill by 365 days, and multiply the result, the property tax per day by the number of days for which each party is responsible.
And the total is the party's share.
If the tax bill has been paid already, Buyer will credit Seller at settlement for their share.
If the tax bill has not been paid, Seller will credit Buyer for their share.
It seemed to be worthy of a quick breathless 60 Seconds in Real Estate Cary NC video blog: