Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2016
Property Tax Annotations
220.0000 CHANGE IN OWNERSHIP
220.0645 Security Interest Termination. The termination of a security interest, e.g., bare legal title held by parents jointly with a son solely for loan qualification purposes, is not a change in ownership, and where such can be shown to have existed, reappraisal is not required upon parents' quit claim of the property back to the son. The facts in each particular case are determinative. The best evidence is a written agreement between the parties executed prior to or at the time of the initial conveyance of the property indicating that the parents had no equitable interest in the property. C 9/26/1980.