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Husbands grandparents died 10 plus years ago his parents pay all property taxes who owns property?
Wiki User
∙ 14y ago
That depends on whether the last surviving grandparent had a will. If the real estate was devised by will, the will must be probated in order for title to pass to the heirs legally. You can check the records of the probate court to determine if a will was probated for either grandparent. If there was no will the property would descend to the heirs-at-law under the state laws of intestacy. Generally, the heirs-at-law are the children of the decedent. You can check the laws of your state at the related question link provided below.
Wiki User
∙ 14y ago
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Do people over 65 pay property taxes in Florida?
Everybody pays property taxes if they own property or a house on property.
Do senior citizens in Arkansas pay property taxes?
if they do not have an exemption
Do taxpayers have to pay property taxes after age sixty five?
Yes, property owners who are aged 65 and older are required to pay property taxes. However, many states set limits on the amount of property taxes that senior citizens (generally defined and 65 and over) pay. Such limitations are typically called senior citizen tax abatement or senior citizen tax relief. In some states, the amount of abatement or relief depends on household income and the valuation of all assets other than your principla residence. Because property tax laws vary from state to state, you should contact your local assessor or tax collector about tax relief for senior citizens in your community.
Can your grandparent give a house to your parents and then to you to keep the property tax the same?
Probably not.The question makes no sense if you don't live in a place that has passed a California Prop 13-like law, since such places commonly reassess all property value periodically anyway and require all property be valued for tax assesment the same way and time. So those identical condos (or house models) will have the same tax assesment regardless of if one was last sold for $1 million and the other last sold for 500K.However, in California (and places that have passed similar laws), the assessment is made at the time the property is transferred. Note that it says "transferred."If your grandparents give you a house, that is transfer it to you, it would almost certainly involve many other tax things, including gift taxes, transfer taxes and more.In Calif (and the few similar states) when ownership has transferred the valuation of the house for property tax purposes will change to its fair market value. Although it's "fair market value" is frequently considered to be the sale price, that is only in an open market transfer. When the sale price is influenced by things other than open market, say you sell a house to your child for a dollar, the assesment amount will be based on what the fair market would have been. (And again, those non-market transfers may have other tax issues). There are exclusions to the Prop 13 revaluation rules for certain types of things that may otherwise appear as transfers.Your grandparents may want to have an estate attorney in the area they live discuss options that would accomplish their needs. Including something called a "life estate" which can be established to allow someone else the use of the property (while they or their beneficiaries still retain ownership), for "life of lives in being plus 7 years". However, how this can effect their potential medicare/medicade benefits may become the overridding consideration.
Are there any property tax breaks for elderly besides homestead?
Property tax laws are a function of state law in the United States. Some states reduce the assessment or taxes paid by senior citizens who qualify by age, income level, and household assets. Contact your local assessor or tax collector for the city of county where you live for more information.
Do you pay taxes on properties inherited from parents?
Yes because the property becomes yours unless they have already payed for the property in full.
Are there any inheritance taxes on property that is given to grandchildren but parents are given life estate by grandparents?
With the exception of people that die in 2010 (because the estate tax is repealed for this one year period), the answer is yes. Estate taxes and the effect of life and remainder estates can be very complicated. There are also generation skipping tax issues. I encourage you to consult a knowledgable professional.
What is the primary source of income for counties and municipalities in Georgia?
Property taxes
Do you pay taxes from annuity from husbands death?
YES!
Local government budgets rely primarily on what kind of taxes?
Property Taxes
What property is taxed?
Property taxes are taxes on the value of owned property. Sometimes they are classified as either specific or ad. Property Specific taxes are of a fixed amount based on a number, or standard of weight or measurement. Ad property taxes are based on a fixed proportion of the value of the property with respect to which the tax is assessed.
Can I deduct the price of my property rental from my taxes?
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
Can you pay up someones property taxes and acquire their property?
This can be possible when the property taxes are not paid by the owners and the taxing authorities seize the property and sell it at auction to collect the past due property taxes.
Do people over 65 pay property taxes in Florida?
Everybody pays property taxes if they own property or a house on property.
Which of the following does not increase the price of certain goods a property tax B excise tax C tariff D sales tax?
property taxes
What are the property taxes like in Phoenix Arizona?
Property taxes in Phoenix, Arizona are lower than most other areas in the country. The property taxes in Phoenix, Arizona are 10%. Arizona has some of the lower property taxes in the country.
If going through foreclosure do property taxes have to be paid?
Yes. The taxes on owed on the property, no matter who owns the property.
