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S.120

AN ACT RELATING TO PRORATION OF PROPERTY TAXES UPON TRANSFER

The House proposes to the Senate to amend the bill as follows:

First:  By striking the first sentence of the bill and inserting in lieu thereof:

“(a)  Unless otherwise expressly stated or agreed, in any offer of sale, or purchase, or contract for the purchase and sale of real property, it shall be presumed that real property taxes assessed and payable during the twelve-month period following the April 1 assessment date in which the sale is consummated a municipality’s fiscal year in which the transfer occurs shall be prorated so that as between the parties, but not otherwise, the buyer seller shall bear the proportionate burden of real estate taxes assessed and payable during such twelve-month period for the number of days in such period that the buyer has title or is vested in possession of such real estate in such period whichever shall occur first allocable to the period beginning with the first day of that fiscal year and ending on the day before closing, and the buyer shall bear the burden of real estate taxes allocable to the period beginning with the day of closing and ending on the last day of that fiscal year.

Second:  By striking the last sentence of the bill