If my mother and I purchased a home together and she had the school tax exemption on the property, what do I do if the exemption remained the same when I refinanced?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my mother and I purchased a home together and she had the school tax exemption on the property, what do I do if the exemption remained the same when I refinanced?
It has been several years with the property tax exemption incorrect. How do I legally resolve this problem. What will happen if I sell the property or bankrupt and give the property up?
Asked on August 11, 2011 Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The school tax exemption assessed the home that you and your mother purchased together was placed when the property was acquired based upon its purchase price. This exemption placed upon the home was done by the county tax assessor for the state you live it.
The school tax exemption has no bearing upon any refinance of the home jointly owned by you and your mother. Most likely it was placed due to the age of your mother and the fact that she is one of its legal owners.
It is up to the the county tax assessor to re-assess the property tax exemption on the property if it is incorrect. You have no obligation to notify the county if in fact the school tax exemption is improperly in place. If you sell the property without the assessment for school in place, so be it.
Most likely if title to the property is transferred to a third party, the county tax assessor will re-assess local taxes for the parcel.
Potentially, the school tax exemption on the property is proper.
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.