427.2A  Taxation of life estate in property donated to public.

Real estate donated to the state or a political subdivision of the state or any agency of the state or political subdivision, for which the donor retains a life estate, or provides for another to possess a life estate shall continue to be subject to property taxation and special assessment to the same extent as the property was so subject during the fiscal year in which the donation was made. The real property shall continue to be taxed until the fiscal year following the fiscal year during which the life estate terminates. Upon termination of the life estate, the real estate shall be subject to taxation as otherwise provided by law.

This section applies to property donated on or after July 1, 1992, for purposes of property taxes or special assessments due and payable in fiscal years beginning on or after July 1, 1997.

Nothing in this section allows or requires the imposition and collection of property taxes or special assessments on donated property payable in any fiscal year during the period beginning July 1, 1992, and ending June 30, 1997, and nothing in this section requires the payment of refunds of property taxes or special assessments paid on donated property in any fiscal year during the period beginning July 1, 1992, and ending June 30, 1997.

Section History: Recent form

  97 Acts, ch 146, §1


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