Question on co owner ship with taxes
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Question on co owner ship with taxes
My father isnt doing well and my family is
wanting to put the house in my brother and my
name. He told me that because i own another
home the taxes would be more expensive with
my name on the deed. Is this the case?
Asked on May 7, 2016 under Real Estate Law, Georgia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
No, real estate tax is not based on how many or much property you own: it's based solely on the assessed value. Adding your name to the property will not change the income tax.
It may affect your personal income taxes, in terms of being able to take advantage of any real estate tax payments and/or mortgage payments from a 2nd property; it would be a good idea to speak with a tax preparer to understand the impact on you before doing this.
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