Are you refinancing? Adding or removing someone from Title? We need to hear from you. Please take the time to fill out a beneficial ownership statement and possibly avoid a reassessment of your real property.
In today’s ever changing real estate market, it may take several co-signers added to qualify for a loan. On the other hand, beneficial owners may need to be removed from title due to poor credit scores.
Normally there is not a reassessment for adding or removing co-signers or adding or removing beneficial owners if this is a temporary change in title. However, depending on how title is held and for how long, there may be a reassessment.
What is a temporary change in title? This would be for a period of 3 months or less. If you are contemplating adding someone to title for loan purposes only, it is important to return title to all the beneficial owners by removing any co-signers. It is just as important to return any beneficial owners to title in a timely fashion. Some transactions will require both addition and subtractions.
In all instances rather temporary or permanent, over one year, we need to receive a beneficial ownership statement from you the taxpayer. This form helps us determine who is only a co-signer and who is a true beneficial owner. All parties need to sign the form. The form gives specific examples of what constitutes beneficial ownership. If you submit this form before or with the first recorded deed, there is no charge. If this form is returned after the filing of the deed, there is a $50 processing fee.
Failure to fill out this form could result in a reassessment of the real property. There is an additional $50 processing fee for forms received after tax bills are issued. If you have questions regarding this form, you may contact the Assessor’s office directly.