Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2016
Property Tax Annotations
505.0000 HOMEOWNERS' EXEMPTION
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).