A couple of years ago my husband and I were able to purchase a 2nd home. My mom and grandmother, who had been renters for over 10 years, live in it. We didn’t know about the cap ”lift” on the property taxes and how if it is not a homestead the taxes are outrageous. We agreed to subsidize the mortgage so that my mother and grandmother had no increase in their monthly expenses. Now for this year we are paying $800 more a month. We can’t continue to pay that amount and we are faced with the tough decision to sell the house this would mean my mom would be renting once again and it would bring us back to square one.
Can we file a Quit claim deed to my mom so she can claim it as her homestead and we can lower the taxes for this coming year 2007? or would it be better to add her to the title?