Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2018

Property Tax Annotations

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Annotation 580.0005

580.0005 Change in Ownership. When business property is transferred it is the property value and status of the transferee taxpayer which determines whether and when a section 469 mandatory audit of the transferred property must be conducted. There is no requirement that the audit schedule formerly applicable to the transferring taxpayer be applied to the transferee upon change in ownership. The assessor may, however, perform an audit sooner than four years after the prior audit or acquisition of property exceeding the section 469 specified amount, and maintain the transferred property on the same audit schedule as existed prior to the transfer.

When the transfer is in the form of a change in ownership of a legal entity, or merger of legal entities, the property of the legal entity must be audited within four years of the date when the property of the legal entity was last audited. C 12/2/1982; C 10/13/1999.