§ 44-3-38 — § 44-3-38. Transfer of property to trust. [As amended by P.L. 2012, ch. 376, § 2.]

§ 44-3-38. Transfer of property to trust. [As amended by P.L. 2012, ch. 376, § 2.]

Any exemption, freeze of tax rates and/or valuation granted to any individual pursuant to the provisions of the general laws, and/or pursuant to any public law or municipal ordinance shall not be affected if the otherwise eligible individual: (1) Transfers an ownership interest in the property while retaining a life estate in the property; or (2) Transfers an ownership interest while leasing the property back (but only where the lessee was the owner of the property prior to the transfer to the lessor); or (3) Transfers the property to a revocable or irrevocable living trust, if and so long as the otherwise eligible individual resides in such property and the otherwise eligible individual or the trustee is legally obligated to pay property tax on such property by contract, by agreement, by the terms of the trust instrument, or otherwise by law. The provisions of this section shall be applicable to any such transfer, regardless of when the transfer is made.

Legislative History

P.L. 1993, ch. 464, § 1; P.L. 2012, ch. 376, § 2.