Posted on: 28th Jan, 2008 07:05 pm
My Mom is 80 and her health is poor. She owns her house outright and pays the taxes as a senior. If we quitclaim the house into our (3) names, will the house be reassessed and the taxes imposed upon us and our ages? Thank you.
Hi Carly,
Welcome to the forums.
If you quitclaim the house into your names, chances are that your house may be reassessed for tax purposes. It depends more on the state where you are in. You can consult the local tax assessor or property tax collector for the exact detail.
Take Care
Welcome to the forums.
If you quitclaim the house into your names, chances are that your house may be reassessed for tax purposes. It depends more on the state where you are in. You can consult the local tax assessor or property tax collector for the exact detail.
Take Care
Yes the house will be reassessed and the taxes will be imposed on you. As long as your mother owned the property, she had the privilege of a senior citizen but for you people it will not be possible.
Look into putting the property in a living trust. You can pass title without a reassessment and probate.
