When I bought my home, the lawyer charged for a property tax adjustment? What is this?

Question

Accepted Answer

There are 2 ways property taxes can create upfront costs: 1) Property Tax Adjustments between you and the lender (getting the balance in order so that on June 30th of each year the lender has the full annual amount to send to the city for you.)  2) Property Tax Adjustments between you and the seller ensuring you each paid for your portion. On top of that though, HOW the sellers paid their taxes can impact you as well resulting sometimes in a balance owing to the sellers, or them owing you a credit.

YEG

780.916.2492 Alberta, Canada

Property Tax Adjustments

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