Nov
25

Official: Gift Property Hit by Tax Law Change

By

– The Times & Democrat

Obtaining property for “$5, love and affection,” might not be such a bargain after a new state requirement kicks in, the Calhoun County Tax Assessor reported Monday to County Council.

Assessor Steve Hamilton explained to council how the new state law can affect local taxpayers.

“When property is transferred, even in a non-assessment year, it can create a new assessment,” he said. If there’s a transfer “to anyone other than a spouse, it’s going to trigger a reassessment of property at market value when the transfer was made.”

With some property taxes doubling and even tripling, Hamilton said, the state law has “caused serious issues on the coast. … There are real horror stories from the coast.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thetandd.com/articles/2008/11/25/news/doc492b8ec0356aa703131384.txt

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