Delinquent Property Taxes - Inherited Property
I recently inherited a property from my grandmother in June 2003. The property taxes are $6000 (city) - not paid since 1995. The county wants $600. The amazing part - the house is NOT in foreclosure. My grandmother was legally incapacitated in 1995 and her guardian/conservator did not pay the taxes. Fortunately, there are no other leins on the house. My grandmother and I were "joint tenants with rights of survivorship" which was recorded in 1989. I would have kept the taxes current but I had no idea that I was even on the deed until this year! Now that I own the property, is there a way to avoid paying these taxes in full or in part? Are there any exclusions or credits that might apply? I read something about Generation Skipping Transfer Tax Credit, but I could not make sense of it.....Thanks....
Lamar----------
Well, congratulations on being a property owner.
Are you kidding? Do you really think the government agencies are going to let you out of paying the taxes due? Maybe you should be writing movies or science fiction books.
When you say there is no foreclosure, I guess you mean of the tax liens, right?
In some states there are moritoriums on elderly people paying their taxes. However, when they die or sell the property, the taxes are still due. It may be that the tax collectors there have not yet figured out that your grandmother died and so called the taxes due.
Do what you have to do to get those taxes paid. Otherwise you risk losing your property at tax sale. In some states there is a way to set up payments over time. Ask about that at the tax offices with which you are dealing.
Good Investing**********Ron Starr************