Laws, Regulations & Annotations

PTLG Table of Contents > Property Tax Annotations > C > 220.0000 CHANGE IN OWNERSHIP > 220.0765

Property Taxes Law Guide – Revision 2017

Property Tax Annotations

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C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0765

220.0765 Trusts. A change in ownership occurs when a revocable trust becomes irrevocable. However, if all the beneficiaries of the trust are the wife and children of the settlor, then the change in ownership may be excluded under the interspousal and parent-child exclusions, even if the trustee has the power to invade the trust principal for the benefit of some or all of the beneficiaries. C 5/27/1997; C 11/5/1999.