Laws, Regulations & Annotations

C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0458

220.0458 Original Transferor. In 1996 two persons as tenants in common transferred property to themselves as joint tenants. Because this was prior to the November 13, 2003 change to Property Tax Rule 462.040(b)(1), neither person became an "original transferor." Upon the death of one joint tenant in 2008, the surviving joint tenant acquired the decedent's 50 percent interest and became the sole owner of the property, resulting in a change in ownership of that 50 percent interest in the property. However, if the property had been transferred on or after November 13, 2003, both persons would be considered "original transferors" and there would not be a change in ownership of a 50 percent interest in the property upon the death of one joint tenant. C 10/20/2010.