US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 6
                           EXEMPTIONS FROM TAXATION
    63-602Y.  PROPERTY EXEMPT FROM TAXATION -- EFFECT OF CHANGE OF STATUS. (1)
If any property, real or personal, which is exempted from taxation on the
first day of January shall thereafter have a changed status during the year,
either by change in ownership or otherwise, in a manner that if the changed
status had existed on the first day of January the property would have been
taxable at that time, then the property shall be assessed in the following
manner: If the status changed before the first day of April, then for its full
market value for assessment purposes; if on the first day of April and before
the first day of July, then for three-fourths (3/4) of its full market value
for assessment purposes; if on the first day of July and before the first day
of October, then for one-half (1/2) of its full market value for assessment
purposes; and if the status changed on or after the first day of October, then
for one-fourth (1/4) of its full market value for assessment purposes.
However, if the changed status results from the leasing or rental of property
normally constituting business inventory, the same shall be subject to
property tax only for the period it is so leased or rented and upon its return
to business inventory shall again be exempt. Each owner of such property
shall, on the first Monday of November of each year, file with the assessor
for the home county of the owner with a copy for every other county involved,
a statement listing and sufficiently identifying such property, the counties
where it was situated and the periods of the preceding twelve (12) calendar
months during which the property was leased or rented within each county.
    (2)  At the time of filing such statement with the assessor of his home
county, the owner of such leased or rented property shall provide such
assessor with a copy for every other county involved.
    (3)  The assessor of such home county shall ascertain the portion of said
preceding twelve (12) calendar months during which such property was leased or
rented in the home county and shall enter such property upon the subsequent or
missed property roll and the tax collector of the home county shall compute
and collect the property tax thereon. The assessor shall indorse  the full
market value for assessment purposes of each item of such property upon copies
of the statement and the owner of the property shall, within five (5) days,
furnish an indorsed copy of the owner's statement to the assessor of each
county of the state wherein such property was located during the lease or
rental period, and each such other county assessor shall likewise assess and
the tax collector shall collect the property taxes due for the portion of the
preceding twelve (12) calendar months the leased or rented property was
situate in their county.
    (4)  The property taxes due thereon shall be a first and prior lien upon
such property and all real and personal property of the owner thereof within
the state until all property taxes due have been paid.