Home Buying in 80237>Question Details

Lisaboc, Home Buyer in 80237

I am purchasing my parents home. Right now their property taxes are under prop 13. Can we keep it that way. I've heard that if a parent is

Asked by Lisaboc, 80237 Mon Jan 25, 2010

selling to their child it is ok. Is that true and how do you do that?

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5
Robert McGuire’s answer
LisaBoc,

This is a good question for your accountant and tax professional. I will say that I sold a home in January that hat the senior tax discount and it passed on to my young twenty something buyers when they purchased the home. Will stay that way until the next tax assessment. They were thrilled.

Robert McGuire
Broker/Consultant
Your Castle Realestate
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat May 11, 2013
I am not sure what state you are talking about. Either way it sounds like you should speak to a Tax Proffessional.
Web Reference: http://www.owngj.com
0 votes Thank Flag Link Tue Jan 26, 2010
Along with other responses, it would depend on where that property is located and what the city/county rules are. Your zip code 80237 which tells me you are in Denver, so I've attached the link to Denver's Senior Tax Exemption instruction website. If in Denver, then the answer would likely be no, since you'd be the new owner and wouldn't likely meet the 65 and over and 10 year ownership rules.
0 votes Thank Flag Link Tue Jan 26, 2010
Are you purchasing in Colorado or in California? If Colorado, there is not a Prop 13 (such as in Calif). If your parents are seniors, they may have had a tax break due to their age and time in the home, but that was not in effect this year. Also, you cannot keep that if you're buying their home, as you must have owned the home for at least 10 years and be at least 65 years old to keep the tax break.

Maybe I'm reading your question incorrectly, and if so, please let me know. Thanks.
0 votes Thank Flag Link Tue Jan 26, 2010
You should talk to a tax professional in the state where the house is. I don't want to just put you off, but that is your best resource.
0 votes Thank Flag Link Tue Jan 26, 2010
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