So today is the day we sign the papers and close the deal on the purchase of our current property. I was excited to know that our closing costs "today" were only $27.71. However, this is really a skewed figure..... The reason this dollar figure is so low is because the property tax amount for 1/1/15 through 6/15/16 is credited against the expenses of our title insurance and transfer taxes. Even though we are a non-profit organization we are not exempt from transfer taxes. We can file for property tax exemption starting tomorrow however, we would not be exempt from the current tax bill since the property was owned by a taxable entity as of January 1. So, while our 'closing' costs are minimal, when property taxes are due this year we will have to come up with the $1245.00 credited to us for the first half of the year's taxes along with another $1245.00 for the taxes for the last 1/2 of the year. So while purchasing the building is a great investment for God and we will be building equity along with lowering our monthly expenses there are some quite large upfront costs that we will have to endure. It's been a tough day. I can tell the "enemy is prowling around like a roaring lion looking for someone to devour"... Our trust is in God and we submit this whole business deal into God's hands and literally into His name!
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