Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2017
Property Tax Annotations
220.0000 CHANGE IN OWNERSHIP
220.0470 Partition. Two adjoining parcels consisted of two commercial retail stores separated by a demising wall. Parcel 1 was co-owned by legal entity A and individual B. Parcel 2 was co-owned by legal entity A and individual C. Parcel 1 was split into two lots with entity A and B each taking ownership of a separate lot. Parcel 2 was split into two lots with entity A and C each taking ownership of a separate lot. Subsequently entity A combined its two lots into one, so that in the end there were three new lots owned by A, B, and C respectively.
Because Parcels 1 and 2 were separate appraisal units prior to the partition and the owners of the two parcels were not all the same, the partition of each parcel must be separately examined for change in ownership purposes. Thus, the assessor must establish and compare the fair market value of each new parcel that was created by the two partitions (before the merger of the two lots owned by entity A) to the fair market value of the corresponding lots prior to the partition. C 4/15/2009.