The Real Cost of Selling Your Home

By Carla Fried - 2013-06-12T20:51:17Z

Photograph by Kai Wiechmann/Gallery Stock

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Property Tax

Property tax is typically paid in two annual installments. Depending on the timing of your sale, you may owe a pro-rated share of taxes at the closing that will be credited to the buyer. (If you prepaid your entire tax bill, the buyer owes you the credit.) According to the Tax Foundation, the median property tax assessment in 2010 was $2,043, with an average assessment rate of 1.9 percent. If you sell just before your first tax payment is due, you could owe close to 1 percent of the assessed value at the closing.