The property taxes that you pay under a Family Trust should be the same as they would be without one.
If you live in a home that you own, the portion of your home’s value that is taxable is reduced under your homeowner’s exemption. For most homeowners, that results in tax savings of around $1,000 every year. So, maintaining that exemption is very important.
If you create a trust and move your home into it, you will need to re-apply for your homeowners exemption. But the approval of that re-application is usually very routine.
Because maintaining your homeowners exemption has such a significant financial impact, when this office creates a Family Trust, we not only record the deed to move your home into the trust, we also file the necessary paperwork to make sure that the homeowners exemption continues to apply.
In the end, you receive all the benefits of setting up a family trust and your property tax savings remain uninterrupted.