A friend told me if the govt takes your home you are allowed to keep your property taxes amount and transfer to new home if they are lower. Is this true?
2007-11-05 08:26:35 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You should check with the taxing body for your property. In some locations, if you acquire a comparable replacement property, you may have the right to transfer the tax assessment to the new property.
If your property is taken for eminent domain, you should consult with a legal expert in such matters for your location.
2007-11-05 09:17:28 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
I'm no lawyer but I'm pretty sure that if the government buys your property under eminent domain it is the same as if you sell to anyone. You are responsible for all taxes until the day the transaction takes place and you no longer own the property. If you have prepaid your taxes for a period beyond the date of the transaction you should get a check from the government for the balance. I can't see why there would be any connection to taxes owed on a new property or any special rules for selling to the government versus to a private individual. The two transactions are completely separate.
You would do well for yourself to retain a local real estate lawyer and a financial planner. Good luck.
2007-11-05 16:43:23 · answer #2 · answered by JP 2 · 0⤊ 0⤋
No, it's not true. Property taxes on the new real estate will follow that of the municipal assessment and local mill rate charged thereon.
Where your friend came up with that wild-eyed notion is beyond my imagination.
2007-11-05 19:18:05 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Stop listening to your friend, at least as far as their tax advice goes.
2007-11-05 17:14:11 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Nope.
2007-11-05 16:39:55 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
huh? I don't know where your friend got THAT information.
2007-11-05 18:02:27 · answer #6 · answered by Anonymous · 0⤊ 0⤋