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Take a look at your ALTA statement and you’ll see property taxes prorated on every single transaction (unless your closing is on December 31st or the contract stipulates otherwise). Although it’s a common sight, many people don’t understand the basic mechanics of how property taxes are prorated.
As a general note, counties and municipalities in Georgia typically examine and value properties effective January 1st of each year and release their property tax bills in the fall, giving the taxpayer 60 days to make payment in full.
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