QUESTION
We have purchased a 23.5 acre argricultured land in Marion Texas, but due to weak credit , we decided using only a couple's name who has excelent
Asked on Jan 06th, 2019 on Nonprofit and Charitable Organizations - Texas
More details to this question:
credit and the bank loan to them as a owner, and we all pitched in paying mortgage and property tax since 2013 till now. We bought this land to promote a Buddhist Meditation Center, a non- profit organization and we build 40 x 60 size steel ware house style hall building and a couple mobile homes and a storage building. We applied for 501-C (3) on November 28th 2017 and it was approved and recognized by Federal and Texas States now. How do we apply for property tax exempt, since the land deed name is not the organization's name. Give us advice please. Appreciated much.
1 ANSWER
2 Awards
You likely cannot get a property tax exemption unless the real property is put in the name of the non-profit organization. The couple should be able to convey the property to the non-profit as a gift. However, they should get advice from a tax attorney or their tax preparer as to how this would effect their tax situation. Also, the bank may be willing to refinance the loan in the name of the non-profit if you can show member support is sufficient to cover the monthly note on the loan.
Answered on Feb 01st, 2019 at 1:34 PM
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