Posted on: 14th Jul, 2010 05:12 pm
My husband and 2 brothers own a camp together. One brother passed away and his heirs, 2 sons, want to sell their interest, 1/3, to the 2 remaining brother. Since this is a family camp and been in the family since 1960, we're afraid of a huge increase on property taxes if the property is "sold". We will have to take out a loan to buy them out, and the 2 sons have cause nothing but problems with the camp, breaking in, damaging property, stealing property, etc., so our relationship with them has not been very good. Is there a way around not having the taxable value increase since the 2 brothers remain in the camp, and one is just being released off the deed????
Hi slq!
Welcome to forums!
Once there is a change in the property ownership, the taxes will be re-assessed. There can be a slight increase in the property taxes after the change of property ownership. Nevertheless, your best option would be to get in touch with a tax adviser and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Once there is a change in the property ownership, the taxes will be re-assessed. There can be a slight increase in the property taxes after the change of property ownership. Nevertheless, your best option would be to get in touch with a tax adviser and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane