Posted on: 06th Nov, 2008 08:19 am
Son lives with father who is 87 years old. and father transferred house to son with a life estate deed executed and filed in Texas. Property taxes went up significantly because of transfer to son. It was my understanding that property tax stayed same as long as house remained in fathers life estate until he is deceased or house is sold. Please help
Hi lindag!
Welcome to the forums!
Once the property is transferred, the property value is reassessed for creating a new tax base. I think the reassessed value of the property has increased significantly as a result of which the property taxes have increased. It has noting to do with the life estate or the house being sold. Property tax can be paid by the anyone of you whose name is listed in the tax collector's office.
Feel free to ask if you have further queries.
Sussane
Welcome to the forums!
Once the property is transferred, the property value is reassessed for creating a new tax base. I think the reassessed value of the property has increased significantly as a result of which the property taxes have increased. It has noting to do with the life estate or the house being sold. Property tax can be paid by the anyone of you whose name is listed in the tax collector's office.
Feel free to ask if you have further queries.
Sussane
Although recording the transfer and the life estate surely triggered the reassessment, it could have happened at any time. When someone reserves a life estate, ownership of the property was still transferred.
A property tax lien can become a credit issue for anyone showing on the title. You should check into the appeals process for getting the tax valuation lowered.
A property tax lien can become a credit issue for anyone showing on the title. You should check into the appeals process for getting the tax valuation lowered.
