BUILDER MAY OWE YOU $$$

If you bought a home in 2008, the previous owner may owe you money. The previous owner is responsible for the taxes for the time they owned the home. The closing agent estimated the amount the taxes would be and collected their share and credited it to you at the closing. If the estimate was low, you are owed money, this is very likely if you bought a new construction home because the tax was figured on the land value only.



Here is how it works:

1. find out what your tax bill is, not the discount rate paid in November but the full rate.

2. figure out how long they owned the property.

3. check the HUD statement you received at closing and see how much they paid for property tax.

4. do the math.

5. collect your money.

6. if you don't understand or can not find the information, check with your Realtor or the Closing Agent, they will have the information and be able to help with the math.



Example:

You bought your home on March 1, 2008. The closing agent estimated the taxes to be $1200.00 for the year and credited you $200. The actual tax bill ended up being $2400.00 for the year. You are due $200 from the previous owners.



The math:



$2400 tax bill divided by 12 months = $200 per month.

$200 multiplied by 2 months (Jan and Feb) = $400.

$400 minus the $200 already credited you at closing = $200 you are owed.



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