Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2016
Property Tax Annotations
505.0000 HOMEOWNERS' EXEMPTION
505.0072 Personal Lifetime Right of Occupancy. Father and Mother transferred their home to their son but retained the right to continue living in the home. A personal and exclusive lifetime right to occupy the home is equivalent to a life estate if that right provides that the transferors are responsible for mortgage payments, taxes, utilities, maintenance and other expenses associated with the upkeep of the home. Under such terms, the property remains eligible for the homeowners' exemption. C 5/13/2005.