Posted on: 30th May, 2011 07:57 pm
Quitclaim deed from parents to son.
Hi Guest,
Once a quitclaim deed is signed and property is transferred, the property taxes will be reassessed. There are chances that the taxes may get increased to some extent.
Thanks
Once a quitclaim deed is signed and property is transferred, the property taxes will be reassessed. There are chances that the taxes may get increased to some extent.
Thanks
as a general rule, reassessment takes place on a scheduled basis, such as every 10 years. this will depend on the locale, though. usually, transfer of ownership has no impact on the the assessed value of a home, though there are surely municipalities which will view that as a trigger calling for a reassessment.
check with your local tax office to determine the likelihood of a change.
and by the way, a quit claim deed, which generally carries no sales price, would usually not have any impact on taxation, because they're generally used in family transactions and the like.
check with your local tax office to determine the likelihood of a change.
and by the way, a quit claim deed, which generally carries no sales price, would usually not have any impact on taxation, because they're generally used in family transactions and the like.
