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Folly in 50 States and the World / Folly in Colorado


Subject:  Learn from me Date:  1/18/2014  10:52 AM
Author:  reallyalldone Number:  6268 of 6303

For people who have lived in CO for awhile, maybe you've hit this. I sold a rental property in Steamboat and the closing was 12/31/2013. I kind of forgot property taxes are paid in arrears. Also, I do read all the documents and really didn't take in the "all tax settlements are considered final" one.

For anything that closes late in the year, the taxes are estimated based on the previous bill. The bottom line is that I overpaid by........50% !

The good news is that it was only about $200 which is not much to pay for the learning experience and it could have happened in my favor at another point in time.

I made close to 50% on my investment in 18 months on this one(much thanks to my realtor/friend/neighbor and a bad ski season when I was bored) so meh but I did want to give others a heads up so you might not have a similar and more expensive learning experience.
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