BIL 176 Draft 01 2002-2004 - Laserfiche WebLink

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(D) Transferred to a trustee for the beneficial use of a spouse, or the surviving spouse of a deceased transferor, or by a trustee of such a trust to the spouse of the trustor, (E) Subject to a title change between spouses and said change does not result in a loss of the home exemption status, (F) And the heirs, surviving spouse, divorced spouse, or trustee, within sixty days after receiving title to the property, petitions the director, in writing, to continue the dedication and the property continues to qualify for the home exemption as defined in sections 19-71 and 19-72, (G) The dedication shall not be cancelled if the lessee purchases the leased fee interest from the lessor. (2) Provided further that, except as provided herein, retroactive taxes shall not be assessed when: (A) A person receives title to property dedicated to nonspeculative residential use by ways of testacy or intestacy and does not petition the director to continue the dedication as provided in section 19-58.1(f)(1)(A). (B) The dedicated property is jointly owned by spouses and upon the death of one spouse, ownership is transferred to the surviving spouse, and the surviving spouse does not petition the director to continue the dedication as provided in section 19-58.1(f)(1)(B). (C) The property is wholly or partially destroyed or damaged as a result of fire, seismic or tidal wave, volcanic eruption, earthquake, flood waters and wind or rain storm. The owner may cancel the dedication for the reasons enumerated in pazagraph (2)(C) by submitting written notice of the cancellation within sixty days of the damage or destruction. Cancellations shall become effective July 1 of the next tax year, and the property shall be assessed in accordance with section 19-53(a). (g) The director shall prescribe the form of the petition. The petition shall be filed with the director by September lof any calendar year and shall be approved or disapproved December 15 of that year. (h) Upon approval, the dedication shall become effective July 1 of the following tax yeaz. In determining the assessed value, the market value shall be determined as required in section 19-53(a). The owner may appeal any disapproved petition or cancellation of dedication as in the case of an appeal from an assessment. f i~ Those parcels which are presently under a ten year dedication period will continue its existing dedication unless application for the five veaz dedication is made pursuant to this section.