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property tax changes, from rental property to primary residence?
my family owns one rental property(includes 4 apartments, which i will occupy 2,) and i will be the primary owner, have primary residence. property taxes are getting too high. 6k a year, even in a small town in indiana. my family and i are thinking the reduction in taxes will allow us to keep the home. the house has been in my family for about 80yrs. i know, i know, sentiments wont pay the bills.
i'm fresh out of college with my bachelors. money is clearly an issue. however, this is a project i'm willing to take on.
does anyone have any numbers/figures i can rely on? for example, approximately how much will the property taxes be lowered with the primary owner living in the rental property? i understand it varies from state to state.
2 Answers
- JudyLv 71 decade agoFavorite Answer
If your area has a homestead tax reduction, that's how much they'd be lowered. Your county tax office should be able to tell you if one exists. It would very likely take a year of residence to kick in.
- troLv 71 decade ago
property taxes are assessed on the value of the property, not on its useage(except in the case of commercial property)
in some states there are exclusions based on your occupancy on a certain date of the year, but that does not change the assessed property tax, it is only a credit against the tax
changing from rental to residency will have no effect
