Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2013
 

Property Tax Annotations


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C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0326.005

220.0326.005 Leases. When a lessee acquires the underlying fee interest from the lessor while the remaining lease term is 35 years or longer, the applicable change in ownership rule is Property Tax Rule 462.100(b)(2)(A), which provides that the transfer of a lessor's interest subject to a lease with a remaining term of 35 years or longer, "whether to the lessee or another party," does not constitute a change in ownership of the leased property. When the lessee acquires the underlying fee interest from the lessor while the remaining lease term is shorter than 35 years, the applicable change in ownership rule is Rule 462.100(a)(2)(A), which provides that the transfer of a lessor's interest subject to a lease with a remaining term shorter than 35 years constitutes a change in ownership of the leased property. All other transactions that result in a termination of a lease, whether upon the natural expiration of the lease term, or prior to the expiration of the lease term, and where the leased property reverts to the lessor, are to be governed by the "termination" provisions of Rule 462.100(a)(1)(C) and (b)(1)(C). C 12/21/2009.