Re: Property taxes question on MH - Posted by Mark C Tx
Posted by Mark C Tx on August 17, 2005 at 16:11:07:
I just finished the 3 day training the state of Texas mandates for Mobile home Retailers License.
At the time of purchase, lets say June 2005. You must pay the entire 2005 taxes. Upon selling you can ask for a refund from the County for the remainder of the year after you sell it. Lets say July 05, so you would get a refund from thedate you sell it to Dec 31.
The guy that spoke on this has been in Texas doing Mobile homes for 25 years and he works with the State to do training, he also has smaller training sessions a regular guy can go and learn from after he gets his license. Just do 2-3 deals and make sure you want to do this before wasting the time and money. I am glad I am doing the license, Ilearned a lot.
Anyway, everyone was a little confused the way he explained it and it seems like a lot of trouble. so it seemed the best was to :
Example. Buy the MH June 30 2005, Pay the property tax for the entire 2005. Sell July 15 2005, escrow the taxes for the buyer for the rest of the year, and that way you get the rest of the year back and keep escrowing them until he is paid off your loan, to be sure his taxes are paid.
Actually if you do decide to get into this and do several, it seemed to be wise to get licensed. The state actually mandates you to escrow the taxes during his loan period. Its no real trouble, and it keeps there from being a tax lien during your pay off time.
Or do like Steve says just figure that in on the buying and selling price and don’t worry. But remember the county still wants their money then, and wants you to escrow the taxes during the loan.
Hope that helps.
Or are we all now more confused??
Mark C Tx