Circleville, OH asked in Probate for Ohio

Q: Mom has house Mkt value is 112,000 taxable value 40,000. owes 80,000. Passes away. No heir wants house is probate nec

Only asset is House

Related Topics:
1 Lawyer Answer
Joseph Jaap
Joseph Jaap
Answered
  • Probate Lawyer
  • Cincinnati, OH
  • Licensed in Ohio

A: The auditor lists the "taxable" value of property at 35% of the market value, because real estate taxes are based on that taxable value, not the market value. If the market value is $112K and there is an $80K mortgage, then there is $32K of equity for the heirs to share. Use the Find a Lawyer tab to consult a local probate attorney.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.