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Shannon, Other/Just Looking in New Jersey

If you are given a house, what do you have to expect when it comes to taxes and assesments?

Asked by Shannon, New Jersey Thu Apr 24, 2008

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Property taxes are based upon market value not always price paid (especially when the transfer is not an "arm's length transaction" ie will, divorce settlement etc.) Check with an accountant if there is a gift tax etc as your relationship with the giver may also effect this. Remember as other response indicated there could be outstanding debt on the property ie mechanics liens, taxes, association dues etc. Be certain to have title work done before accepting.
0 votes Thank Flag Link Mon Apr 28, 2008
If someone gives you a house, you will be legally responsible, as the owner, to pay all property taxes. You can find that amount out from the person that gives you the house.
Assesments from towns are not all that common, usually a homeowners association will have an assesment. If the property you are given is part of a homeowner's association, you should contact them for any assesment information.
You may want to contact an attorney about any legal issueas that may come up with recieving a house as a gift.
Good Luck!
Sharon Kozinn
Web Reference:
0 votes Thank Flag Link Thu Apr 24, 2008
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