What happens to property taxes if the seller has already paid them for the year at the time of closing on June 15th?

When a seller has already paid property taxes for the year at the time of closing on June 15th, the situation regarding property taxes typically involves prorating. In this case, since the seller has paid for the entire year, the buyer will reimburse the seller for the portion of the taxes that covers the buyer's time of ownership from closing to the end of the tax period.

Since property taxes are generally paid in advance, it is standard practice to prorate the taxes so that each party pays their fair share for the time they own the property within that tax period. Since June 15th falls around the halfway point of the year, the buyer would be responsible for approximately half of the annual taxes from that point until the end of the year.

Consequently, the buyer is debited for the portion of the tax due for the time they will be owning the property, while the seller is credited for that same amount since they have already paid the total amount due for the year. This ensures that the seller is reimbursed for the time after the sale, aligning the financial responsibilities of property tax with the respective ownership periods.