§1713. Special assessment level for certain trusts
A. A trust shall be eligible for the special assessment level if all of the following apply:
(1) The settlor or settlors of the trust were the immediate prior owner or owners of the homestead.
(2) The naked ownership of the homestead was transferred to the trust.
(3) The settlor or settlors retained a usufruct on the homestead.
(4) The settlor or settlors continue to occupy the homestead.
(5) The settlor or settlors would have been eligible for the special assessment level had they retained the naked ownership of the homestead.
B.(1) If a trust would have been eligible for the special assessment level pursuant to this Section prior to the most recent reappraisal, the total assessment of the property held in trust shall be the assessed value on the last appraisal before the reappraisal.
(2) If a trust has remitted a payment at the higher assessment level and is later determined to be eligible for the special assessment level pursuant to this Subsection, then upon a showing by the trust of eligibility, any payment in excess of the special assessment level shall abate subsequent years' ad valorem taxes on the property until the payment has been exhausted.
Acts 2018, No. 659, §1, eff. December 12, 2018.
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