Legal Question in Real Estate Law in Florida
Hi. My 80 year old mother who has a 350K property fully paid for and clear tittle in Miami Dade County would like to add my name to the tittle using a quitclaim deed executed as joint tenants with right of survivorship. I live in a separate property with my wife and I have a homstead exception in that property.
Will Dade County reassees the property value and increase her taxes due to this change in ownership? I called them and they said know but wanted to make sure. Thanks
2 Answers from Attorneys
there should be no change in the assessment while she is alive. She will still enjoy the homestead exemption.
However, there could be some concern for your eventual tax basis once the property transfers to you upon her death. You should talk to a CPA about this. You could end up with a large capital gains issue if you are not careful.
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