The may 1st deadline is fast approaching for buyers purchasing homes that maybe a bank foreclosure and is non-homestead for 2009.

If you are buying a foreclosure and it is slated to become non-homestead in 2009 you have to close by May 1st to file your new home as a homesteaded residence. Otherwise you will inherit the non-homestead taxes for 2009-10.

Call the township office in which the home is located and ask how the taxes will be for the coming year, so you can be prepared for whats to come.

I would suggest trying to close prior to the deadline in possible.