Change of ownership
Effective 1-1-2006.
Sec. 12. If ownership of the real property or new personal property
changes, the deduction under this chapter continues to apply to the
real property or personal property, and the amount of deduction is the
product of:
(1) the percentage under section 2(c)(2)(B) or 3(c)(2)(B) of this
chapter that would have applied if the ownership of the property
had not changed; multiplied by
(2) the assessed value of the real property or personal property
for the year the new owner qualifies for the deduction.
As added by P.L.193-2005, SEC.8.
Last modified: May 28, 2006