Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2018

Property Tax Annotations

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Annotation 350.0044

350.0044 Supplemental Assessment. Buyer A acquired a home in July, generating a $40,000 supplemental bill based on the difference between his purchase price and the value on the assessment roll. Before the supplemental tax bill is mailed, the property is sold to Buyer B in September. The $40,000 supplemental bill is pro-rated for the two owners, with Buyer A receiving an unsecured bill for his period of ownership and Buyer B receiving a bill for his period of ownership, secured by a lien imposed on the property. Buyer B qualifies for the $100,000 Disabled Veterans' Exemption. Buyer B is eligible for the exemption for his portion of the supplemental bill, assuming that all the requirements for the exemption are met. C 9/18/2000.