§ 309 -   Proration of taxes

§ 309. Proration of taxes

(a) Unless otherwise expressly stated or agreed, in any offer or contract for the purchase and sale of real property, real property taxes assessed and payable shall be prorated as follows so that as between the parties, but not otherwise:

(1) In municipalities where the municipal tax and the school tax fiscal periods are July 1 to June 30, the seller shall bear the burden of real estate taxes allocable to the period beginning July 1 of that fiscal year and ending on the day before closing. The buyer shall bear the burden of real estate taxes allocable to the period beginning with the day of closing and ending on June 30.

(2) In municipalities where the municipal tax fiscal period is other than July 1 to June 30, the seller shall bear the burden of real estate taxes allocable to municipal taxes for the period beginning on the first day of the municipality's fiscal year and ending on the day before closing. The seller shall also bear the burden for real estate taxes allocable to school taxes for the period beginning July 1 of that fiscal year and ending on the day before closing. The buyer shall bear the burden of real estate taxes allocable to both school and municipal taxes for the period beginning with the day of closing and ending with the last day of the respective fiscal year.

(b) This section shall not abridge or affect any other provision of part 2 of Title 32 relating to assessment of property taxes. (1971, No. 80, § 1, eff. April 16, 1971; amended 2001, No. 90 (Adj. Sess.), § 1, eff. May 1, 2002; 2003, No. 150 (Adj. Sess.), § 2.)