If you are a REALTOR in the following states Alabama, Arizona, Florida, Idaho, Illinois, North Carolina, North Dakota, Ohio, Texas, or another state where real estate taxes are collected “in arrears” you might want to consider looking over your closings for the years of 2004 to 2006, especially if you represented a buyer.

It is estimated that in the State of Florida over $170,000,000 is due to over 600,000 buyers of real estate as result of the rapid real estate valuation increases, timing of assessor’s valuations, and setting of the real estate tax (millage) rates. The estimate was determined by the use of statistical information from the Florida Association of Realtors and State of Florida’s Department of Revenue. The estimates did not include new construction or vacant land sales, so the impact of this finding could be greatly understated.

Buyers of new construction have collected from builders amounts ranging from $400 to $900. Important to note that on the day of closing, the real estate taxes were correctly pro-rated based upon information currently available.

You can find the article “Did You Overpay Your Real Estate Taxes” which discusses the background and steps needed to identify the amounts that could be owed to your buyer clients.

Would you like to inform your clients about some found money for them? This can be a good way to show your clients that you are more than a salesperson.

About the Author:
Glenn Ginsburg, REALTOR, e-PRO is a licensed real estate broker and mortgage broker serving the Naples, Florida area. Glenn has twice won the FIVE STAR - Best in Client Satisfaction Real Estate Agent from Gulfshore Life Magazine and is frequently interviewed about the Naples real estate market by the local ABC and NBC television affiliates. Glenn’s website is Naples Real Estate and blogs about the Naples real estate market on Naples Florida Real Estate Homes.