Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2016
Property Tax Annotations
625.0000 PARENT-CHILD TRANSFER
625.0059 Damaged or Destroyed Property. The new construction exclusion for property damaged or destroyed by misfortune or calamity is available to persons who owned the property when it was damaged or destroyed. If the damaged property is transferred to an eligible transferee for purposes of the parent-child exclusion, no new base year value will be established as a result of the parent-child transfer. However, if the child rebuilds the damaged house, the child will not receive the new construction exclusion. Thus, the new construction will be reassessed upon its completion pursuant to section 71 and section 110.1(a)(2)(B). C 1/24/2011.