How are property taxes split between co-owners?
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How are property taxes split between co-owners?
My cousin and I bought a house together to fix up and rent out. He lost his job and now we cannot pay the mortgage and are about to loose the house. He moved back home with his parents to save money and left me to live in the place until it shortsells or forecloses. He feels I should pay the property taxes all by myself since I live there. I think he should pay half since we both still own the place. What should I do?
Asked on November 10, 2011 under Real Estate Law, Utah
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
In your situation the issue of payment of expenses for the unit is usually addressed in a written partnership agreement. If you do not have one, custom and practice in the real estate industry is that payment for all expenses for a jointly owned proeprty is based upon percentage of ownership of all owners.
If you and your cousin each own 50% of the unit, each of you should pay one half of the total expenses. Good luck.
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