Posted on: 14th Aug, 2009 04:04 pm
I forgot to ask if I am responsible to pay property tax just because I inherrited a "life estate"?
Hi kelbn,
The owner of the property is responsible for paying the property taxes. As you only have the life estate rights, I don't think you would be liable for these taxes. However, you can always share the property taxes with the owner and pay a part of it.
The owner of the property is responsible for paying the property taxes. As you only have the life estate rights, I don't think you would be liable for these taxes. However, you can always share the property taxes with the owner and pay a part of it.
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kelbn13
Welcoem the forum
If you own the property then you are laible to pay taxes
Good luck and feel free to ask
Welcoem the forum
If you own the property then you are laible to pay taxes
Good luck and feel free to ask
A life estate holder has a duty to the remainderman (who takes when you die) not to commit "waste" on the property. Waste would include failure to make necessary repairs, to pay the mortgage, and to pay the taxes.
