If I set up a living revocable trust on a rental property, would cause the property taxes to change?

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If I set up a living revocable trust on a rental property, would cause the property taxes to change?

No names will change. Property will be included in trust.

Asked on September 13, 2011 under Estate Planning, New York

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

In most states in this country the estatblishment of a revocable trust (or an irrevocable trust) by a person or a married couple where their personal assets are transferred into it do not set up a situation for property tax reassessment by the county tax assessor where the property is located when the grant deed transferring title of a piece of real estate into the desired trust is submitted for recording.

Many county recorder's offices have a form called a "preliminary change of ownership report" (PCOR) that needs to be completed, dated and signed by the person submitting the deed for recording before it is recorded. Many PCORs that I have seen have an express preclusion of property tax reassessment when an individual or individuals transfer their personal interests in a piece of real property into a trust held by them.

I would call your county tax assessor to confirm.

Good luck.


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