Definition
The process of registering the property with local tax authorities and arranging for property tax billing. Tax setup is typically handled by the title company but verify accounts are established.
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Property taxes are typically paid annually or semi-annually and failure to pay can result in liens and foreclosure. The property's assessed value is established by the county assessor and property taxes are collected by the local tax assessor's office. Owners should receive tax statements and understand their local tax rates.
Pro Tip
Verify that property tax bills arrive at your current address or arrange online bill payment.
Example
The title company arranged for the property tax account to be transferred to the new owner's name at closing, and the buyer received the first tax statement 60 days later.