Property Taxes and Trusts, Can I Still Get A Break?

You have decided that you want to create a Revocable Living Trust. Now that the big decision is out of the way, you are flooded with nagging questions you never would have considered before. A popular one is, whether putting a home into a living trust or family trust will increase property taxes.

 Handled properly, it will not.

 The Idaho State Tax Commission requires the county assessors in Idaho to accept the trust owned property in similar fashion as an individually owned property for tax purposes. To do so, you need file an Affidavit Regarding Residence of Trust at the same time that you file the deed to transfer your home into the trust.  

 The Affidavit Regarding Residence of Trust assures the county of two things: (1) that you are still living in the home, and (2) that you are the creator and current beneficiary of the trust in question.

 With these assurances in place, your new trust will have zero effect of your property taxes.

Your job is to ensure that your complete living trust package includes the preparation and filing of the Affidavit Regarding Residence of Trust at the same time that the deed to transfer your home into the trust is filed.  

Of course, if you have this office prepare your trust, that Affidavit is automatically included in the package. Hint, hint, nudge, nudge.