mikentosh
Sep 9, 2007, 02:16 PM
I need to transfer title to a property. Will the taxes from the previous owner remain the same once a quit claim / transfer of ownership remain or will today's taxes be assessed now?
The house was purchased many years ago when taxes were much lower.
Thanks
Mike
pacific nw
Sep 10, 2007, 09:41 PM
It varies from state to state. Our state does not automatically increase property taxes once the Title is transferred. Though we do have a 1.78% Transfer tax on the value of the property. A $100,000 property would be taxed $1,780 just to transfer Title, but would not increase the property tax. I'm told that some states automatically increase property tax when the property is transferred.
So... you have to check with a Title Company or a Real Estate Attorney or the County Tax Assessor to get your answer.