Real Estate Community Forum

My parents want to change the title of their home to my name only. There will be no money exchanged between me and my parents for the change in title. However, one of my concerns is, will the county re-assess the property with a higher property tax after the change has been made? There has been no additional construction made to the property and no sale transaction involved. The only change is the names on the title. Has anyone done this before? If anyone has any experience or knowledge on this topic, I would appreciate your feedback. Thanks!

I suggest your parents consult with a real estate attorney before they act. There are tax considerations when the change in ownership is made. You both should also speak with an accountant as there may be a stepped up basis of the property at fair market value when the transfer is made. I am sure your parents paid less the the FMV of the property today. At least I hope so!

In addition, the county will assess your property generally yearly and will take into consideration a sale price and current market conditions. If you disagree with the assessment you always have the right to some type of hearing to challenge same.

Good Luck