Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2015
Property Tax Annotations
220.0000 CHANGE IN OWNERSHIP
220.0372.020 Life Estate. Pursuant to an agreement, W retained a life estate in Parcels A and B. The Agreement provided that the life estate in Parcel B was to terminate as soon as subdivision of the property was permitted by the relevant authorities. A life estate may provide for termination upon the occurrence of a certain event. This is known as a determinable life estate. Upon the happening of the event, the life estate terminates automatically without any further action by the holder of the remainder interest. Therefore, upon the approval of subdivision by the City, W's life estate in Parcel B terminated and the property passed to the holder of the remainder interest. This resulted in a change in ownership pursuant to Revenue and Taxation Code section 61(g). C 1/25/2012.