Posted on: 04th Jul, 2012 10:19 am
hello, we recently refinanced our house. our property is owned by my mother in law and we all live in the same house but to refinance my husband's name was added to the property title to get a good rate, my mother in law is a senior citizen and works part time. now my mother in law just received the property tax bill and it went up 4x is it bec my husband's name is on the property? my mother in law is a senior citizen and she pays the taxes on the house. is there a way for her to still claim the taxes under senior citizen since her name is still in the property and my husband's name was just added?
hello confused,
to make you understand. i will set you an example, for those that want to give up their interest to a property simplistically, quit claims are ideal. consider the possibility of several people gaining ownership of one property through a death in the family or some other will and testament, and perhaps only one of the parties actually wants the property. in this case, the other individuals can transfer title through a quit claim deed to the family member and receive direct compensation from them.
:idea:
to make you understand. i will set you an example, for those that want to give up their interest to a property simplistically, quit claims are ideal. consider the possibility of several people gaining ownership of one property through a death in the family or some other will and testament, and perhaps only one of the parties actually wants the property. in this case, the other individuals can transfer title through a quit claim deed to the family member and receive direct compensation from them.
:idea:
Hi Guest,
After consulting a real estate attorney and a tax adviser, your husband can transfer his share of the property to your mother-in-law so that she can claim the taxes under the senior citizen category. I guess as your husband's name is added to the property deed, the taxes may have got increased.
Thanks
After consulting a real estate attorney and a tax adviser, your husband can transfer his share of the property to your mother-in-law so that she can claim the taxes under the senior citizen category. I guess as your husband's name is added to the property deed, the taxes may have got increased.
Thanks
