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Do property taxes go up on your primary residence if you buy a 2nd home?
Wiki User
∙ 12y ago
They are independent properties and there should be no effect on taxes on the primary residence as long as it continues to meet the requirements for a primary residence.
Wiki User
∙ 12y ago
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Short sale tax liability?
Much of whether there is tax liability of a short sale depends on whether the home was a primary residence or not. In most circumstances you will not pay taxes on a short sale if it was your primary residence. This is because of a law that went into effect called the Mortgage Debt Relief Act. If the property was an investment and not a primary residence you may have to pay taxes.
I own a home in maricopa county and I am a widow. Do I qualify for widow exemption on my taxes as it is my primary residence Thank you?
Yes, you qualify for the widow exemption on your taxes.
Is owner occupied the same as primary residence?
No. Owner occupied means the owner of the property lives in it, meaning it is not rented. Primary residence means the home where you live most of the time. It can be rented or owned.
Do you have to pay capital gains taxes when you sell a house?
If you had the home as your primary residence within the past 2 years, you will not have the pay the taxes. This is as long as you did not gain more than $250,000 from the sale.Ê
If one owns the 1st home as the primary home and owns a 2nd home for family to live in - can the 2nd home still be considered as a primary residency home and not an investment property?
simple answer is no. The home can be considered as a second home if it is at least 50 miles from the primary residence. Otherwise it has to be treated as a investment.
Does it pay to become a Florida resident when buying a home?
Yes, it could be worthwhile (assuming the home is your primary residence) you can qualify for a "homestead exemption" allowable by state law. This will reduce your property taxes considerably. In addition, Florida is one of few states which protects your primary residence from being seized in bankruptcy proceedings. In the event that you must declare bankruptcy Florida law prevents your home from being seized as an asset, thus putting you in danger of losing it.
Can a house with a second home mortgage become a primary residence?
Yes. The designation as primary residence is irrelevant to the number of mortgages.
What is real estate taxes?
In Michigan if there is delinquent taxes on a home and property and an outsider pays the taxes do they take over title to the home and property.
how much are property taxes in pennsylvania?
Property taxes in pennsylvania is 20% of your home value
Do i qualify for the tax credit if i bought my house as 2nd home but actually live in it?
The key here is this. Is the second purchase your PRIMARY residence? If you live in the home 24/7...not a vacation home...you use this address for your mail and primary residence, then it IS your primary residence. That fulfills the obligation in the rules for the tax credit.
When you are going to rent out your home will you have to refinace it because it is now a rental property?
You don't have to refinance it unless you plan on using the equity to fix it up or to have in case an expensive repair issue comes up. You will have to pay higher taxes on the house though since it would no longer be a primary residence.
Can a deficiency judgment on a property in one state force a sale on a primary residence in another state.?
It depends on the state where the primary residence is located. For instance, in the State of Florida, the answer would be "no". The Florida Constitution provides a homestead protection against the efforts of creditors to levy on one's primary residence. However, a judgment creditor could record a certified copy of the judgment in the county where the Florida primary residence was located and thereby effectuate a lien on the property. This would keep the judgment debtor from being able to refinance the home or make other efforts to pull equity out of the home. In order to determine the answer to this question for the state in which you are located, you should seek legal counsel licensed to practice in your state.
