0
The owner of the life estate.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
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.
Who pays taxes on a condo in Staten Island ny?
Usually an owner pays property taxes on real estate property s/he owns. Depending on the tax, there may be another answer.
In a life estate who pays for insurance?
Laws vary from state to state regarding the responsibilities of a life tenant. Generally, the life tenant has the responsibility for paying taxes, insurance, utilities, general maintenance and upkeep and other expenses. However, This is a sticky situation because if the life tenant does not pay property taxes the town can take the property for delinquent taxes. If the property isn't properly insured, there could be a loss in case of a fire or severe storm. Therefore the fee owner should always be actively involved in protecting their property.
Who pays the utilities that are related to life estate property?
The current tenants of the property in question.
If a life estate state in the will that the life tenant only pays xx per month for taxes of the home and the remainderum pays any amount above that for maintenancetaxes is this a legal Life Estate?
yes it is yes it is
When I die who pays my taxes?
your estate.
Who pays taxes on estate that is controlled by the executor?
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
Who pays property taxes on lease to own property?
Normally the taxes and insurance are included in the payment.
In a Life Estate tenancy who pays the taxes and insurance on the property the owners or the the tenant?
The tenant is the owner, fee simple, for his/her lifetime and pays taxes and insurance as anyone would on land they own. Instead of having an heir, a life estate has a 'remainder' (one who remains) and that person takes ownership after the demise of the life tenant because the deed/title was in the remainder's name all along. Yes?Who pays the mortgage is another question.No...the owner is the person who will receive it upon the death of the life estate. That is the person who would receive payment from the insurance company if it were, for example, destroyed in a fire while the tenant with the LED was living there. The person with the LED can't mortgage the property; can't sell the property; can't receive payment if the property is destroyed, so the owner would be responsible for paying the insurance and taxes. The LED holder is responsible only for utilities. In fact, the owner is responsible to pay upkeep as weel, because it benefits their future.
Do people over 65 pay property taxes in Florida?
Everybody pays property taxes if they own property or a house on property.
If owner does not live on the property but a life tenant does who pays taxes?
Property taxes are the responsibility of the owner. The owner may make arrangements to have someone else pay instead, but ultimately if the taxes are not paid it will be the owner who suffers when the property is sold at auction.
Who pays the property taxes for a condominium unit in Florida?
If Florida is like most other states, a condominium unit owner pays property taxes for the unit.
