Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2014
Property Tax Annotations
220.0000 CHANGE IN OWNERSHIP
220.0364 Life Estate—Personal Lifetime Right of Occupancy. The termination of a retained life estate (that was previously excluded from change in ownership) by execution of a grant deed and a personal lifetime right of occupancy agreement is a change in ownership. Property Tax Rule 462.060 clearly provides that a subsequent transfer of a retained life estate by the transferor to a third party is a change in ownership. While a lifetime right to occupy property may not be a transfer of present beneficial interest, the transfer or termination of the life estate results in a change in ownership. C 1/3/2003.