Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2013
 

Property Tax Annotations


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C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0457

220.0457 Original Transferor. Two persons hold title to property as joint tenants. Each propose to create a revocable trust that provides that upon the death of the trustor, the property will be held in trust for the benefit of the other joint tenant who will have the use of income and principal for his/her lifetime. Upon the transfer to their respective trusts, the two persons will become original transferors pursuant to Property Tax Rule 462.040(b)(1). A trust providing the surviving joint tenant a life estate is consistent with the right of survivorship. There will be no change in ownership upon the death of the first joint tenant because the interest will vest in an original transferor. However, when the last remaining original transferor dies, there will be a 100 percent change in ownership, unless an exclusion applies. C 10/28/2008.