Buying A Home
arbiadya1
newb
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Help! New home buyer tax credit at closing
I purchased a house (closed in July 2014) and recently received the tax bill for the 2nd installment of 2013 (which was to be paid by the previous owner/seller). During the closing, the tax credits for 2nd installment of 2013 and 1st installment of 2014 (which were owed by the seller) were pro-rated and paid to me based on the 2012 taxes (I live in Illinois and the taxes are paid in arrears). However, upon receiving the tax bill, I saw that the tax due in the 2nd installment is about 50% more than what I was credited at closing !!! I contacted the county office and they informed me that the house was reassessed in 2013 at a much higher value. I also got the original letter from the county office which was mailed to the seller in 2013 informing of the reassessment and its tax implications. Now, this information was very crucial and not disclosed at the time of contract.If I had known at that time , I would have withdrawn from the deal since I was not prepared on paying such a tax hike on this property. This will also affect the first installment of my 2014 tax bill, which again was credited at a less amount at the closing due to the reassessment information not disclosed.
So, can I ask the seller to re-prorate the tax credits ? If they don't agree, can I sue them for knowingly with holding critical information which would have affected the sale of this property ? Is the seller's attorney equally at fault for not digging this information up and including it during the closing ?
Please help !
Re: Help! New home buyer tax credit at closing
For future home buying experiences, plan for the taxes of your home to go up. It is pretty much a guarantee. Here, we can apply for an exemption of sorts, that prevents the taxes from raising more than 10% from year to year, but I'm guessing that type of thing varies by location.