Joint titled property in Georgia - insurance coverage

[frances]

My mom and I have a condo that we purchased for her in 2014.
She had her own insurance coverage on the property.
She died last November.
I'm trying to move the coverage for the property to my insurance.
I'm pretty sure if I have it consolidated with my home, my cars, and the rental property I'm about to add to my policy I'll come out less expensive than having it separate.

My agent is telling me I need to have the title to the condo changed to only my name. I thought since the condo is joint title and mom is no longer here title just defaults to me (I'm also executor of her estate).
I do know if I do change title it will impact the property taxes - ugh.

Anyone know for sure if I HAVE to do this or is it worth either:
-arguing with the agent to leave the title alone
or
-just continuing to pay for the policy on the property by itself
??

TY for any insight

[Dash man]

I don’t see why it would affect property taxes if it’s not a sale. Unless she received a discount for her age. Talk to a Real Estate Attorney to find out what Georgia law is. He can also help with the new deed.

[frances]

I have written an attorney, just wondering if anyone here had any experience with this. And where I live yes, there are some concessions made by the county for elderly residents as well as a homestead exemption on taxes. So if I change title I believe will lose those deductions on the property taxes.

[Dash man]

Quote:

Originally Posted by frances I have written an attorney, just wondering if anyone here had any experience with this. And where I live yes, there are some concessions made by the county for elderly residents as well as a homestead exemption on taxes. So if I change title I believe will lose those deductions on the property taxes.

You’ll lose the homestead and elderly exemption anyway, since she’s gone. You don’t want to risk legal action against you later.
But they shouldn’t treat it like a sale and reassess.

[OldShooter]

Quote:

Originally Posted by frances ... My agent is telling me I need to have the title to the condo changed to only my name. ...

That sounds like you are dealing with a tied agent; State Farm, Allstate, etc. and he/she is parroting what he/she is getting from the only underwriters he/she has to talk to --- at the tied company.

Of course an insured property can be held in joint title. Our two homes are and I'd wager that the vast majority of members here also hold their homes this way.

IMO this is a good time to interview a couple of independent agents who can place your business with multiple companies. We always use independent agents and have them shop our business every two or three years. This year they switched companies and saved us about $1,500 vs the company that was the best last time we shopped.

[frances]

Quote:

Originally Posted by OldShooter That sounds like you are dealing with a tied agent; State Farm, Allstate, etc. and he/she is parroting what he/she is getting from the only underwriters he/she has to talk to --- at the tied company.

It's an agent at an agency that represents several companies. Mom and I both use the same agency but we have different companies (Nationwide and Safeco). Might be that the company I have (Safeco) requires it.

Just not sure, but when I get the lawyer's 45cents worth if she says I shouldn't have to change the title I will certainly push back on the agent.

And at that point if he doesn't like it I'll look elsewhere.
I don't think they really want to lose the business on 3 properties, 4 vehicles and an umbrella, particularly when the bill is paid all at once....

[frances]

Quote:

Originally Posted by Dash man You’ll lose the homestead and elderly exemption anyway, since she’s gone. You don’t want to risk legal action against you later. But they shouldn’t treat it like a sale and reassess.

I agree that I probably will lose the homestead and elderly exemptions, but it's Fulton County, GA. No telling what they're liable to do as I'm in the north end of the county....

[OldShooter]

Quote:

Originally Posted by frances It's an agent at an agency that represents several companies. Mom and I both use the same agency but we have different companies (Nationwide and Safeco). Might be that the company I have (Safeco) requires it. ...

Good. That means you have options. I would ask the agency to shop both coverages. If they find a better deal they can just cancel with the current carriers and you will get a prorata refund of any premiums paid ahead. I have no loyalty to any insurance company because I know they have no loyalty to me.

[Gulfbeach]

As Old Shooter suggested, many many of us hold or held homes jointly with our spouse.
However, when my husband died the appraisal district in Texas required I establish my own qualification for homestead, veteran, and senior exemptions and adjustments.

[5Miler]

According to recent reporting on Marjorie Taylor Greene the consequences for filing an illegitimate homestead exemption in GA is a fine of double the tax bill. Her situation results from allegedly having a homestead exemption in both Fulton and Floyd counties. Also in Fulton county you must reapply for any homestead exemption if the name on the title changes even if the same people live in the home.

I am also a GA resident and I don't see the risk/reward ratio being worth it. Our real estate taxes are already pretty low compared to the national average. Of course Fulton county is less forgiving than most in the state. My fear would be that I would get away with it for a few years only to be sacked with a huge tax penalty later on for prior years.

[frances]

Quote:

Originally Posted by 5Miler According to recent reporting on Marjorie Taylor Greene the consequences for filing an illegitimate homestead exemption in GA is a fine of double the tax bill. Her situation results from allegedly having a homestead exemption in both Fulton and Floyd counties. Also in Fulton county you must reapply for any homestead exemption if the name on the title changes even if the same people live in the home. I am also a GA resident and I don't see the risk/reward ratio being worth it. Our real estate taxes are already pretty low compared to the national average. Of course Fulton county is less forgiving than most in the state. My fear would be that I would get away with it for a few years only to be sacked with a huge tax penalty later on for prior years.

I do remember all that about Ms. Greene now.

And I don't know what county you're in but I'm in North Fulton. They tend to stick it to us up here no matter what....

[5Miler]

I'm in Gwinnet just off the Fulton county line in unincorporated Duluth. The senior exemptions in my county are embarrassingly generous. But in a prior life I owned a home in the Chicago area so taxes here even at full rate are the proverbial nothing burger.

[frances]

Quote:

Originally Posted by 5Miler I'm in Gwinnet just off the Fulton county line in unincorporated Duluth. The senior exemptions in my county are embarrassingly generous. But in a prior life I owned a home in the Chicago area so taxes here even at full rate are the proverbial nothing burger.

Lucky you. I get a double whammy here because we have no unincorporated areas in Fulton County anymore. So I get city and county taxes. Whoopee! NOT