Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


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P

625.0000 PARENT-CHILD TRANSFER

Annotation 625.0214

625.0214 Trusts. When parents transfer their property into a trust for the benefit of their children, reserving to themselves the present use of the property for a term of years, there is no reassessable transfer until the trust terminates and the property is distributed to the children as the remainderpersons. The three-year period for filing the parent-child claim commences at the expiration of the parents' estate for years. C 2/28/1992; C 12/12/1994.