Buying a Home in Fulton County and/or City of Atlanta? Make sure the property taxes are paid!

Fulton County and City of Atlanta tax bills have been mailed out to homeowners!

Due Dates:  

Atlanta - October 15, 2010 
    Fulton -   October 31,  2010

If you are getting ready to purchase a home or are currently under contract, please read the following:

1.     Have your real estate agent add a Special Stipulation to the contract that the Seller's contribution to closing costs can also include TAX PRORATIONS.

The standard GAR (Georgia Association of Realtors) contract language includes "lender escrows" in the Seller contributions but not prorations.  Once the tax bills are out, the tax escrows are lower, but the prorations are much higher,  especially in late summer (as much as one-third of the annual bill).

2.     When you are at the closing table, make sure that the current year's property tax bills are being paid at closing on the HUD-1 or are being escrowed to be paid later this year (not next year).  ** The closing attorney and your agent can help you with this!

Because some of the metro Atlanta counties change their tax due dates every year (especially Fulton County), the lenders may be using a timetable to calculate escrows that does not show the accurate due dates for the current year.  ** This can impact the proration amount on your settlement statement (HUD-1) at closing, so check with your agent and the closing attorney to ensure that they are using the due dates listed above.

Traditionally, Atlanta taxes were due by August 15th and Fulton taxes were due by October 15th.

Last year, the Atlanta/Fulton bills did not come out until Octber 15th and were due in December.

This year is different again.

Protect yourself by confirming how this year's tax bill is being handled.  Never assume that it's been handled correctly! 

A special thanks to Leigh Clack, Attorney at Neel & Robinson, LLC for bringing this important information to our attention!  If you are still just thinking of purchasing a home in Metro Atlanta, please know that you'll be in good hands with Kerry Lucasse, Keller Williams Realty and Neel & Robinson Closing Attorneys.

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Posted by:  Kerry Lucasse - Atlanta GA Real Estate Agent - Atlanta Home Search Team
The ATL Home Search Team is part of Keller Williams Realty

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