Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2016
Property Tax Annotations
493.0000 GRANDPARENT-GRANDCHILD TRANSFER
493.0080 Limited Liability Company. A transfer from grandparents to a limited liability company owned by their grandchildren does not qualify for the grandparent/grandchild exclusion from change in ownership. While legislation does look to the beneficial ownership of property held in trust to determine ownership and eligibility for exclusion, a different approach is taken with respect to transfers by and to limited liability companies. The latter are treated as separate and apart from their owners, and transfers between or among them are excluded only when the transfers result solely in changes in the manner of holding title to the properties transferred. C 2/26/1997.