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Quitclaim deed from parents to son.

jameshogg · Posted: Mon May 30, 2011 8:13 pm Post subject:

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

gmakerley · Posted: Tue May 31, 2011 8:40 am Post subject:

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.

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will there be any property tax amonut in increase?

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