With tax deadlines right around the corner we get asked a lot of questions about property taxes before, during and even after closing. Part of our job during the closing process is to make sure you and your clients understand what is on the settlement statement before signing. The following are the most frequently asked questions we hear regarding real estate taxes:
Q – When are real estate taxes in Kansas due?
A – Taxes are paid in December and May.
Example: Annual taxes are due in December of every year but the second half of the payment may be deferred until May of the following year. Therefore, most real estate taxes are paid in two installments in December and May. For example, the first half of 2019 taxes were due on December 20, 2019 and the second half will be due on May 10, 2020.
Q – When will I receive my tax statement?
A – Tax statements are sent out by your county treasurer’s office on or after November 1st but no later than December 15th each year. You can also look them up online at the county treasurer’s website..
Q – I paid this year’s taxes, why is it showing up on my settlement statement that I have to pay it again?
A – Taxes for the year 2019 are due in December of 2019 and May of 2020. We make sure that all of 2019 taxes are paid at the time of closing and if they are not, we put the payment on the settlement statement to pay them current. The other real estate tax payment appearing on a settlement statement is a tax proration. If a closing happened in April of 2020 and all of 2019 taxes are paid in full the sellers will give the buyers a credit for the time the Sellers owned the real estate from January 1st to the date of closing. Then, when 2020 taxes are assessed and become due in December 2020, the Buyer is responsible for paying the 2020 taxes in full.
Q – I closed in October, why did I receive a tax statement, shouldn’t this go to the new owners?
A – Yes, however when closing happens so close to issuing statements, the county offices do not always have time to get addresses and ownership updated in their system before statements are issued and sent out. If you paid your taxes through closing you will not have to pay them again.
If you have other questions regarding property taxes we are here to help answer them. Our team at Tallgrass Title is very knowledgeable and eager to assist.