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Who is responsible for property taxes on a life estate property?
Wiki User
∙ 11y ago
You need to check your state laws or consult with an attorney.
You need to check your state laws or consult with an attorney.
You need to check your state laws or consult with an attorney.
You need to check your state laws or consult with an attorney.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoYou need to check your state laws or consult with an attorney.
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Who is responsible for property taxes the beneficiary or the person with a life estate interest in the property?
You must consult with an attorney in your state. Generally, the life tenant is legally responsible for the property taxes but state laws vary.
Who pays the property taxes on life estate?
The owner of the life estate.
Who is responsible to pay taxes and capital expenses when there is a life estate on a property?
The fee owner unless those issues are set forth in the document that created the life estate.
Life estate Mothers real property lives there has 2 children deeded half ea. Who has to pay the property taxes while mother is alive and living in the house Could she have reversed the Life Estate?
who evers name is on the deed is legally responsible
Is the estate responsible for upkeep of the property?
Yes. Unless there was some other arrangement made in the will such as a life estate where the life tenant is responsible or the beneficiary is made responsible.
Settlor created a life estate in her residence for her daughter. Settler is not deceased but incapacitated. Is the daughter responsible for maintenance and upkeep of property while living there.?
Yes, she must maintain the property at least to the extent it was when the life estate was granted, that includes regular maintenance, repairs, taxes, etc.
If a parent gives his adult child a retained life estate interest in a house that he paid the downpayment for and she paid the mortgage taxes etc how can she sell the house now and part ways?
The individual who was granted life estate to the property is responsible for taxes, maintaining the property at the level it was when the estate was granted. However, the individual does not solely own the property and therefore cannot rent, sell or in any manner encumber the property without the other persons who are involved being in agreement.
Is a life estate owner responsible for paying land taxes on it?
Typically the beneficiary of the life estate will be liable to pay the taxes on it and you can read more about this when you click which has been added for you below this answer.
In the state of VA if property is sold for unpaid taxes does this dissolve the life estate?
Generally, property taxes owed to the town take priority. As the life tenant you should have paid the property taxes if you wanted to remain in possession of the property. You could pay the back taxes, interest and costs and redeem the property within the statutory period of redemption. However, if the taxes remain unpaid the land can be successfully taken and the life estate would be wiped out.You should consult a local real estate attorney to determine if you have a right of redemption.
What options are available to recover life estate property when the taxes have been defaulted on and the property is subject to sale in Wisconsin?
The only recourse is to pay the taxes or the state will take the estate and the son will get nothing.
In Pennsylvania mother transferred her property deed to her daughter with the mother listed as having a life estate. Mother passes away Does mother's estate owe any taxes on that property?
That may require a payment of taxes. The form of the life estate will also affect the tax situation.
Who is responsible for homeowners insurance the beneficiary of the trust or the person with a life estate interest in the property?
Q. Who is responsible for homeowners insurance the beneficiary of the trust or the person with a life estate interest in the property? A. If the property is a (personal residence, family farm, rental property or even a vacation property) held in trust.Regardless of a life estate for a named beneficiary. The property tax payable would be the responsibility of the owner of the property listed on the property deed. In this case it appears that the owner of the property is the trust. Therefore the trust would be responsible for the tax. The remainderman beneficiary nor the current beneficiary enjoying a life estate in the property would owe the property tax.
