Property Taxes
This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property. Likewise, if the taxes have not yet been paid, the seller typically reimburses the buyer for the period in which the seller occupied the property. In the Glens falls area, Town and County taxes run from January 1st until December 31st. School taxes, however, run from July 1st until the following June 30th even though you typically pay them in September. Water and Sewer taxes typically are billed quarterly.
Transfer Taxes and Recording Fees
This is the cost for transferring ownership of the property and recording the purchase documents. The fee is often calculated as a percentage of the sales price.