How are property taxes split between co-owners?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How are property taxes split between co-owners?
My cousin and I bought a house together to fix up and rent out. He lost his job and now we cannot pay the mortgage and are about to loose the house. He moved back home with his parents to save money and left me to live in the place until it shortsells or forecloses. He feels I should pay the property taxes all by myself since I live there. I think he should pay half since we both still own the place. What should I do?
Asked on November 10, 2011 under Real Estate Law, Utah
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
In your situation the issue of payment of expenses for the unit is usually addressed in a written partnership agreement. If you do not have one, custom and practice in the real estate industry is that payment for all expenses for a jointly owned proeprty is based upon percentage of ownership of all owners.
If you and your cousin each own 50% of the unit, each of you should pay one half of the total expenses. 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.