Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2014
Property Tax Annotations
625.0000 PARENT-CHILD TRANSFER
625.0235.015 Trusts—Share and Share Alike. If a trustee of a trust has the discretion to make non-pro rata distributions of trust property, the trustee is not legally required to distribute equal interest in a residence to each beneficiary so long as the trustee adjusts the distributions that are made so that each beneficiary receives property of equal value. However, the parent-child exclusion will not apply to the percentage ownership interest in the property in excess of a beneficiary's pro rata interest because it was received as a result of a transfer between siblings, not a transfer from a parent to children. Thus, it will be subject to reassessment. C 5/16/2007.