Chapter 19 Real Property Taxes - Laserfiche WebLink

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R EAL P ROPERTY T AXES §19-48 section 19-84. Persons holding any real property under an agreement to purchase the same, shall be considered as owners during the time the real property is held or controlled by them as such; provided the agreement to purchase (1) shall have been recorded in the bureau of conveyances, and (2) shall provide that the purchasers shall pay the real property taxes levied on the property. Persons holding any real property under a lease for a term of ten years or more shall be considered as owners during the time the real property is held or controlled by them as such; provided that the lease (1) shall have been duly entered into and recorded in the bureau of conveyances or filed in the office of the assistant registrar of the land court prior to January 1 preceding the tax year for which the assessment is made, and (2) shall provide that the lessee shall pay all taxes levied on the property during the term of the lease. (1983 CC, c 19, art 6, sec 19-48; am 1997, ord 97-84, sec 1.)19-48 Section 19-49. Imposition of real property taxes on reclassification. A portion of real property taxes shall be imposed upon and paid by the owner or owners thereof when: (1) The property of the owner has been leased for a term of ten years or more; (2) The classification of the property has been changed to a classification of a higher use during the life of the lease; and (3) The classification to a higher use has occurred without the lessee petitioning for such higher classification. Taxes which are imposed upon the owners of property under this section shall be paid by the owner of such property without being transferred to the lessee and such tax shall be the difference between the assessed valuation of the property after the classification change times the applicable tax rate less the assessed valuation of the property as it existed prior to the classification change times the applicable tax rate. (1983 CC, c 19, art 6, sec 19-49; am 1997, ord 97-84, sec 1.)19-49 Section 19-50. Assessment of property of corporations or co-partnerships. Property of a corporation or co-partnership shall be assessed to it under its corporate or firm name. (1983 CC, c 19, art 6, sec 19-50; am 1997, ord 97-84, sec 1.)19-50 Section 19-51. Fiduciaries, liability. Every personal representative, trustee, guardian, or other fiduciary shall be answerable as such for the performance of all such acts, matters, or things as are required to be done by this chapter in respect to the assessment of the real property said fiduciary represents in a fiduciary capacity, and shall be liable as such fiduciary for the payment of taxes thereon up to the amount of the available property held in such capacity, but a fiduciary shall not be personally liable. A fiduciary may retain, out of the money or other property which the fiduciary may hold or which may come to the fiduciary in a fiduciary capacity, so much as may be necessary to pay the taxes or to recoup the fiduciary for the payment thereof, or a fiduciary may recover the amount thereof paid by the fiduciary from the beneficiary to whom the property shall have been distributed. (1983 CC, c 19, art 6, sec 19-51; am 1997, ord 97-84, sec 1.)19-51 SUPP. 8 (7-2020) 19-25