Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2017

Property Tax Annotations

A    B    C    D    E    F    G    H    I    L    M    N    O    P    R    S    T    U    V    W   

C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0595

220.0595 Rescission. A rescission relates back to the formation of a contract and dissolves it as though it had never been made. Thus, once a contract for the sale of real property is rescinded by mutual consent, the parties are placed in the same position they were in before the contract was executed, and the value of the real property reverts to its previous base year value with appropriate adjustment(s) for inflation. However, taxes incurred after the contract had been executed and before it was rescinded remain owing since they have become owing because of the facts which existed on the applicable lien date(s), and no refund(s) thereof should be made. C 1/16/1985; C 2/20/2015.