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by jfim
1430 days ago
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The estate has to pay the taxes, so they can pay the taxes and keep the property, or sell it and pay the taxes using the proceeds. I believe that interest also accrues during the deferral. I'm not sure what happens in the case where the accrued taxes exceed the value of the house, though. |
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Basically they put a tax lien on the property, they just don't collect on it while the original homeowner is occupying the property.
I'm not a lawyer, but my basic understanding of this is that if it exceeds the value of the property, the estate can just let the city/county seize the house. Otherwise, they'd need to pay the deferred taxes in order to transfer the title to the heirs.
Obviously this is not legal advice.