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Old 04-14-2013, 05:49 PM
 
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Buying a house for several different family members- how does that work?

As I understand it, a property owner pays normal property taxes on his/her primary residence as well as one additional property that is the primary residence of a family members.

But what happens when you buy both brother AND sister a house in terms of property taxes? Does it depend on the state? Assuming alll property will be the primary residence for a family member.
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Old 04-14-2013, 06:37 PM
 
Location: The Triad (NC)
25,759 posts, read 55,504,463 times
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Quote:
Originally Posted by karmic line View Post
Buying a house for several different family members- how does that work?
As I understand it, a property owner pays...
...what the County and State assess based on use, occupancy, appraisal and rate.

A homestead exemption of some sort will often apply to the ONE single legal residence
of the titled owner (when used for other legal purposes like voting, drivers license etc).

Quote:
But what happens when you buy both brother AND sister a house in terms of property taxes?
Who will have their name(s) on the title? How it's paid for is about meaningless.

Quote:
Does it depend on the state?
Everything depends on the state.
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Old 04-14-2013, 10:03 PM
 
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Depends entirely on the state. The state I'm in has no homestead exemptions. You have your own primary residence. Anything else you own, but don't personally live in, is investment property and taxed as such.

Give a phone call to your local county or town tax assessor ( again depending on how it's done where you are ) and ask plenty of questions.

Then talk to a good tax accountant and determine how both your state and the IRS will regard these properties.
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Old 04-16-2013, 05:17 AM
 
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Everything depends on state law. Find out your state requirements, or even post your state and maybe someone can help.

In Michigan, in order to be exempt from paying some property taxes (a Principal Residence Exemption), the title holder needs to live in the property as their primary residence.
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