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What to Do If You Inherit A Home

McKissock

The legal issues or responsibilities, on the other hand, might involve situations where the property is co-inherited, for example, among siblings, and working together to find a common resolution becomes a nightmare. Tax liabilities: This can include federal estate taxes and property taxes. Download here.

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Mortgage Term Glossary

Assurance Financial

Assessed Value. The assessed value of your home is how much it is worth in the eyes of the tax agency in your municipality. The assessed value is used to calculate your property taxes. It can be less than the market or appraised value of your home. Fair Market Value.

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Important Mortgage Acronyms

Assurance Financial

Downloadable Guides. Click here to download the file. Click here to download the file. FMV (Fair Market Value). A home’s fair market value or FMV is the price it would sell for under normal conditions. Municipalities often use FMV to determine the tax rate on a home. contact-form-7].