Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2014
Property Tax Annotations
220.0000 CHANGE IN OWNERSHIP
220.0665 Step Transaction. A sale by a parent corporation and a lease-back to the parent by the wholly owned subsidiary corporation for a period in excess of 35 years followed by a sale by the subsidiary of its interest in the property to a third party results in a reappraisal of the entire property. While the sale and lease-back would be ignored as involving transfers between affiliated corporations, the subsequent transfer to a third party was apparently contemplated from the outset and by application of the "step transaction" doctrine would be considered in substance, a transfer by the parent corporation to the third party. C 5/10/1991.