Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


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H

505.0000 HOMEOWNERS' EXEMPTION

Annotation 505.0035

505.0035 Escrow, Recordation, Title.

1. The exemption may be claimed for a property which is in escrow on the lien date if the purchaser has occupied it on February 28 and all conditions precedent to a binding contract of sale have been fulfilled.

2. The exemption is allowable for property held in the name of a business if the claimant is the sole owner of the business and all other conditions necessary for the exemption are met.

3. The exemption is not allowable for property held in the name of a corporation.

4. A person whose interest in property is evidenced by a "deposit receipt" is not eligible for the exemption. LTA 3/23/1982 (No. 82/50).