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

UPDATED: Sep 13, 2011

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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


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 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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