Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


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P

625.0000 PARENT-CHILD TRANSFER

Annotation 625.0150

625.0150 Partnership. A transfer from a parent to a partnership owned by the parent and his or her children does not qualify for the parent/child exclusion from change in ownership. The exclusion only applies to transfers to and by natural persons related as required by law. While legislation does look to the beneficial ownership of property held in trust to determine ownership and eligibility for exclusion, a different approach is taken with respect to transfers by and to corporations and partnerships. The latter are treated as separate and apart from their owners, and transfers between or among them are excluded only when the transfers result solely in changes in the manner of holding title to the properties transferred. C 10/23/1992.