Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2018

Property Tax Annotations

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Annotation 505.0085

505.0085 Property Encumbered by a Trust. The exemption is available for property encumbered by a trust agreement where:

1. A deed absolute on its face is subject to an unrecorded trust agreement between a grantor and a grantee which grants a life estate and a right of revocation in the grantor; or

2. The trustor has created a revocable living trust and presently occupies the dwelling; or

3. The trustor has created an irrevocable trust and presently occupies the dwelling; or

4. The property is occupied by a beneficiary of the trust even though legal title may be held in trust by a bank. C 4/21/1978.