Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2017
Property Tax Annotations
A B C D E F G H I L M N O P R S T U V W
C
220.0000 CHANGE IN OWNERSHIP
Annotation 220.0368
220.0368 Life Estate. Pursuant to Property Tax rule 21(a) and rule 462(e), a transfer of real property to a tax-exempt governmental entity with a reservation of a life estate does not result in the creation of a taxable possessory interest or a change in ownership. Thus, the taxable value of the property must be determined by comparing the adjusted base year value of the parcel (not the life estate itself) to the market value of the parcel. The value must be established without regard to the conveyance to the governmental agency, any use limitations imposed on the owner of the life estate, or the fact that the life estate because of its limited duration declines in value each year. C 11/2/1989.