you should check with your state AND county. Most counties will give an exemption to senior owners of real property. Additionally, your state (CA in my case) may give a rebate yearly (if applied for). Again, for CA you should check with the Franchise Tax Board (or whomever you pay your state taxes to) for the County you can call the Assessor's office for you particular county. You should ask if they look at how the senior person hold title. You may only be able to convey all of your interest to your parent. If that is not the case for your area you should check to see if you can still get the exemption AND rebate even if you reserve unto your parent a Life Estate. That would be best in the case of an elderly parent because there would never be any problem upon the death of the person because at the establishment of record of that persons death their interest is extinguished entirely and it is generally considered less that "fee title", which is what you hodl to your property.
