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What happens if a property is sold or conveyed to a new owner?

April 26, 2017conveyed happens owner Property sold

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What happens if a property is sold or conveyed to a new owner?

3 Answers

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Once the property has been conveyed to the new owner, it is raised to full market value January 1 of the following year. The new owner must apply for and receive homestead exemption. Even if the property received a homestead exemption under the previous owner, the limitation, just like the exemption, expires January 1 of the year following a change of ownership.

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10 Posted

Once the property has been conveyed to the new owner (and the homestead exemption is interrupted), it is raised to full market value (just value) January 1 of the following year. The new owner must qualify and apply to receive homestead exemption. Even if the property received a homestead exemption under the previous owner, the limitation, just like the exemption, expires January 1 of the year following a change of ownership.

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Posted

Once the property has been conveyed to the new owner, it is raised to full market value January 1 of the following year. The new owner must qualify and apply to receive homestead exemption. Even if the property received a homestead exemption under the previous owner, the limitation, just like the exemption, expires January 1 of the year following a change of ownership.