Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2017
Property Tax Annotations
220.0000 CHANGE IN OWNERSHIP
220.0490 Partnership. If two or more partners purchase realty and record their title as tenants-in-common along with an agreement stating in effect that the property is owned separately from partnership assets, then the law presumes that the individuals own the property as tenants-in-common, not as partners.
The presumption that recorded title indicates not only the legal title but also the beneficial title is not overcome by the fact the property is used for partnership purposes. The transfer of one owner's interest to a co-owner or a third party requires an appraisal of the interest transferred. C 2/7/1989.