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Roger, Attorney
Category: Legal
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Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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My wife and I reside in Scottsdale, AZ and have an LLC

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My wife and I reside in Scottsdale, AZ and have an LLC here which owns a small condo in MN in which we purchased for our children to live in while they finish their home building project. The taxes went up 600.00 on that since it was owned by the LLC and not the parents. The LLC is the parents and we are the only members of that LLC. Is that right of the County Assessor to go from 1200 to 1850.00 on that condo? Thanks, XXXXX XXXXX

Hi - my name is XXXXX XXXXX I'm a litigation attorney. Thanks for your question.

This is likely the difference between the property being homesteaded and or being homesteaded. If the property is owned by the parents in their individual names, then they would be entitled to claim a homestead exemption, BUT if the house is in the name of the LLC, then a homestead exemption cannot be granted because a company/business/corporation isn't entitled to a homestead exemption.

Even though the parents are the owners of the LLC, it doesn't matter. The only way that the parents could be eligible for homestead is if they transfer the property from the LLC to the individual parents.
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