Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2013
 

Property Tax Annotations


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H

505.0000 HOMEOWNERS' EXEMPTION

Annotation 505.0040

505.0040 Estates, Trusts, Power of Attorney, Guardian.

1. An occupant of property who owns a life estate therein may receive the exemption. An occupant remainderman (the person acquiring the property after the death of the life estate owner) may not receive the exemption while a life estate interest exists.

2. The exemption is allowable to an occupant who has a life estate in his home but it does not extend to land not included in the life estate.

3. The exemption is allowable to an occupant who is a trustor under a revocable "living trust."

4. The exemption is allowable to an occupant who is a trustor under an irrevocable trust.

5. The exemption is allowable to an occupant who is the beneficiary of a trust even though legal title is held in trust by a third party.

6. A spouse, inheriting and occupying property as his/her principal place of residence may receive the exemption even though the property is in probate.

7. The exemption is not automatically extended to a joint tenant who is not a widow or widower. A new exemption claim must be filed by the survivor.

8. A person holding a power of attorney may execute the exemption claim form for a qualified owner-occupant.

9. The conservator or guardian of a qualified owner-occupant may execute the exemption claim where the owner-occupant is a minor or an incompetent. LTA 3/23/1982 (No. 82/50).