Assessable transfer of interest means a transfer of an existing interest in real property that subjects the real property to appraisal triggers a stepup. For purposes of this definition, an existing interest in real property includes life estate interests.
Assessable transfer of interest means a transfer of an existing interest in real property that subjects the real property to appraisal. For purposes of this definition, an existing interest in real property includes life estate interests and the beneficial use of the property when the fair market value of that beneficial use is substantially equal to the fair market value of the real property or the fee interest.
Assessable transfer of interest means a transfer of an existing interest in real property that subjects the real property to appraisal.
More Definitions of Assessable transfer of interest
Assessable transfer of interest means any conveyance of an interest in all or any portion of the Land or the Marina by Landlord constituting an assessable transfer of interest under the South Carolina Real Property Valuation Reform Act, S.C. Code § 12-37-3110, et. seq., and directly causing a reassessment of the Land or the Marina by the applicable taxing authorities. For the avoidance of doubt, standard, quadrennial reassessments of all or any portion of the Land or the Marina undertaken pursuant to S.C. Code § 12-43-217 shall not constitute an Assessable Transfer of Interest as used in this Lease.