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At the time of closing, taxes are prorated on the Settlement Statement. The proration is handled differently depending upon where the property is located.
Orleans Parish
Taxes are Due at the Beginning of the Year
The Settlement Statement will reflect a CREDIT to the Seller since the tax bill would have been paid for the whole year and a DEBIT from the buyer. The amount debited from the Buyer will reflect the number of days the Buyer will be in ownership of the property from the date of the Act of Sale till the end of the year.
All Other Parishes in the State of Louisiana
Taxes are Due at the End of the Year
The Settlement Statement will reflect a DEBIT from the SELLER and a CREDIT to the BUYER. The amount credited to the Buyer will reflect the number of days the seller had ownership of the property from January 1 up to the date of the Act of Sale. Therefore, the buyer will be responsible for paying the ENTIRE tax bill when it comes out in December.
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