If I set up a living revocable trust on a rental property, would cause the property taxes to change?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I set up a living revocable trust on a rental property, would cause the property taxes to change?
No names will change. Property will be included in trust.
Asked on September 13, 2011 under Estate Planning, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
In most states in this country the estatblishment of a revocable trust (or an irrevocable trust) by a person or a married couple where their personal assets are transferred into it do not set up a situation for property tax reassessment by the county tax assessor where the property is located when the grant deed transferring title of a piece of real estate into the desired trust is submitted for recording.
Many county recorder's offices have a form called a "preliminary change of ownership report" (PCOR) that needs to be completed, dated and signed by the person submitting the deed for recording before it is recorded. Many PCORs that I have seen have an express preclusion of property tax reassessment when an individual or individuals transfer their personal interests in a piece of real property into a trust held by them.
I would call your county tax assessor to confirm.
Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.