BIL 323 Draft 03 2006-2008 - Laserfiche WebLink

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(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 [(#)]~d,)(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 [(~]~(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 paragraph (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. [for, 5 nl.nll l.n F.1 n.T .. :LL. Ll.n .7:«nn4..« 1... Cn..rn...l.n« 1 .,F n.,.. nnlo...l.,« ..on« ,,...] nl.nll l.o n .n.l n« .l:nn....«n..n.T 1.., llnnn...l.n« 1 C ..F Ll. n4 . /L,\ T i..n.. n nl Ll.n AnA:nn4: n.. nl.nll l.nn.....n nFF nL:..n T..1.. 1 ..F LLn v F 11 n...:.... Lno . « T.. AnLn«r.n:..:.... Ll.n n nnA ..nl..n Ll.n ... n«1.n4 ..n 6.n e nl.nll T.n ,1..Ln«...:.. n,l n «n.l nnt: n.. 1 (1 C7/n\ Tl.n .. nnl n .. A: nn«..«...,n.~ ..nti4:.... .. null n4:,.., nF .InA:nn4: n., n .. Ll.n /~~"Fhose-p;Heel.~v~c~tne-przset~tl~:.QeF-;~ien~ear-dedic-alien-perioa ...al n.... L:....n LT. n:« n..:nti.....l n.l:nna: n..n ....lnnn n .. n... n....l:nn4: n.. Fn« Ll.n F.ro n« hn« «.l n.T:nnti n« : mn.ln r. n..h Ln Ll.:n nunti nr. n..~ ,e.l 1.., Ll.n ~I:«nn4..« 1.., Cn...LO... T.n« 1 nF Ll.o . «F lln...:..,. c-rmvcmcxxr.] (fl Only renewal petitions will be accepted. Section 19-58.1 shall be repealed upon the final participant in the nonspeculative residential use program being converted as provided in subsection 19-53(g). Section 19-58.2. Nonspeculative residential use assessment. Properties approved by the director for dedication to nonspeculative residential use shall be assessed for real property tax purposes in the following manner: (a) Property, approved for nonspeculative residential use dedication, shall be assessed for real property tax valuation purposes on its market value as of the assessment date January 1 of the calendar yeaz following the petition approval. This assessment shall be frozen for the dedicationperiod, except for adjustments as provided for in this section.