Posted by Steve-nc on September 25, 2004 at 21:12:10:
Amy-
I’m not a tax expert. However, if you are L/Oing your property you still own it and your name is still on the deed until the option is exercised. I don’t see how anything should change regarding your property taxes. Your tentant/buyer has nothing to do with your property tax until they buy. The only tax effected is your income.
Steve
Lease Option=High prop. tax. Feedback appreciated - Posted by Amy(IN)
Posted by Amy(IN) on September 09, 2004 at 14:48:40:
Is there any other options available when I L/O to lower my property taxes? Or is that just something I’ll have to put up with? Without the Mtg and Homesteaders exemptions, the taxes go from $300.00 yr to $1200.
I know that if I contract to deed, the new buyers can qualify for the above exemptions, saving ME $1800.00 in the two year period
NOT looking or expecting tax advice, just anyone who has pondered this.