How are property taxes prorated between buyer and seller at a 30A closing?

Property taxes on 30A are typically prorated between the buyer and seller based on the closing date. Since Florida property taxes are paid in arrears, the seller is responsible for taxes accrued during the time they owned the property, while the buyer is responsible for the period after closing.

At closing, the seller's share is usually credited to the buyer on the settlement statement. For example, if a property closes on July 1, the seller would generally pay taxes for January through June, and the buyer would assume responsibility for July through December.

Because current year tax bills are often not finalized by closing, prorations are usually based on the previous year's taxes. This can be especially important for 30A buyers purchasing a homesteaded property, as taxes may increase after reassessment.

Mark Gerlecz is known for helping clients understand these details before closing. By reviewing estimated taxes, future tax implications, and closing figures in advance, he helps buyers and sellers avoid surprises and move through the transaction with confidence.

In short, property taxes are divided according to ownership time, with the adjustment handled at closing, ensuring each party pays their fair share.