When someone has lived in a home for many years, their property taxes are often artificially low because of long-standing exemptions and assessment caps (like Florida’s Save Our Homes). If you close in January of the following year, here’s what happens: What you get at closing Property taxes are paid in arrears At a January closing, the tax proration is based on the prior year’s tax bill That bill still reflects: The long-term owner’s capped assessment Their homestead exemption As the...