Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2013
 

Property Tax Annotations


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C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0813

220.0813 Trusts—Income Beneficiary. If trust provisions require that the accumulated income be distributed to one beneficiary on a regular basis, that sole present income beneficiary of the trust corpus is considered the owner of the trust for property tax purposes. Even though the trust allows the income beneficiary to direct the trustee to pay any of the trust principal or accumulated income to certain other named beneficiaries, the income beneficiary is considered to be the sole owner of the trust property because he is the sole guaranteed present income beneficiary. C 11/21/2008.