After closing – property tax bill and homestead exemption

Now this is an interesting, often ignored, topic.

Almost everyone who purchases a property in the State of Georgia signs a form similar to the sample document in this blog post at closing.

In addition to the Buyers and Sellers signing paperwork or documents at the closing table that they agree to cooperate to sign revised paperwork to correct inadvertent errors or omissions, the parties also agree that if estimates are used to calculate each party’s pportion of current or previous year’s property taxes, they agree to get together to share proration of any property taxes or tax assessments against the property after closing.

Attached is a typical statement that both parties sign reflecting that agreement.

Also, notice the other statement reminding the new Buyer to file a homestead exemption paperwork to extend or use all existing homestead exemptions to reduce property taxes.

Does anyone ever read this?

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