Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2017
Property Tax Annotations
220.0000 CHANGE IN OWNERSHIP
220.0195 Estate For Years. A lease agreement that requires the lessee to construct improvements which, on termination of the lease, become the property of the lessor creates in the lessor a reversion interest in the improvements. The lessee's interest is an estate for years which if transferred to a third party at a time when less than 35 years remain on the lease term does not constitute a change of ownership per rule 462(d)(2). The termination of the estate for years and vesting of full ownership in the reversioner-lessor is a change of ownership. C 8/29/1991.