Posted on: 13th Aug, 2009 08:52 pm
Hi, My mom is purchasing a home for me in her name. If she quit claims it to me, how long before the property taxes adjust to a homestead amount??
about the time that the deed is filed and recorded in the town clerks office. As long as the property is already listed as residential. be prepared to pay lots of small fees that add up fast.
Hi Guest!
Welcome to forums!
The property taxes would be reassessed just before the time of paying off the taxes. This will help you in knowing what your property taxes would be like. Thus, you would be able to keep some extra cash aside every month to pay off the excess amount. If you have mortgage on the property, then it would be better if you could reassess your taxes after your mother transfers the property. You can pay off the increased amount of taxes to the lender every month. You may even consult a tax assessor and take his opinion in this regard.
Sussane
Welcome to forums!
The property taxes would be reassessed just before the time of paying off the taxes. This will help you in knowing what your property taxes would be like. Thus, you would be able to keep some extra cash aside every month to pay off the excess amount. If you have mortgage on the property, then it would be better if you could reassess your taxes after your mother transfers the property. You can pay off the increased amount of taxes to the lender every month. You may even consult a tax assessor and take his opinion in this regard.
Sussane