1. (a) If an entitled applicant for any property tax credit or exemption owns a fractional interest in residential real estate or other property, the entitled applicant shall receive the property tax credit or exemption claimed in proportion to the entitled applicant’s interest in the property.
2. (b) The total property tax credit or exemption to all entitled applicants who jointly own residential real estate, whether as joint tenants or as tenants in common, shall not exceed 100% of the property tax credit or exemption claimed, except as provided in Rev 403.04(c) or Rev 404.03(b).
3. (c) If an entitled applicant for a property tax credit or exemption has placed residential real estate or other property in a grantor/revocable trust with at least one co-grantor, the entitled applicant and all co-grantors shall be deemed to own the grantor/revocable trust’s fractional interest in the property as joint tenants to each other.
4. (d) If an entitled applicant for a property tax credit or exemption has a fractional life estate in residential real estate or other property, the entitled applicant shall receive the property tax credit or exemption claimed in accordance with this section.

Source. #5911, eff 10-14-94; ss and moved by #7410, eff 11-23-00 (from Rev 402.06); (See Revision Note at chapter heading for Rev 400) #9309, eff 10-30-08; ss by #12027, eff 10-28-16 (from Rev 402.02)