Buyers and sellers, work through many details when buying and selling an apartment property. Most parties agree to separating expenses based on the closing date so taxes and other expenses will be apportioned to the appropriate time period of ownership. However, parties should be sure to check the rules pertaining to tax appeals. In many jurisdictions recipients of tax dollars (school districts, etc.) may seek to raise assessments outside of the normal cycle. Therefore, a buyer subject to an appeal in a retrospective jurisdiction (2005 taxes paid in 2006) could pay the increased taxes for the seller's ownership period. To avoid paying for the seller's portion of the increased taxes, negotiate that the apportionment"survive the closing" and reapportion based on the value as finally determined. There's the simple sentence that can make or save thousands of dollars.

J. Kieran Jennings, partner at Siegel Siegel Johnson & Jennings, a Cleveland and Pittsburgh law firm; and the Ohio and Western Pennsylvania member of American Property Tax Counsel, the national affiliation of property tax attorneys.