Iowa Code 450.45 – Life and term estates — valuation
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 450.45
- Decedent: A deceased person.
- month: means a calendar month, and the word "year" and the abbreviation "A. See Iowa Code 4.1
- Owner: means any of the following:a. See Iowa Code 425A.2
- property: includes personal and real property. See Iowa Code 4.1
If an estate or interest for life or term of years in real property is given to a party other than those exempt by this chapter, the property shall be valued as provided in section 450.37 as is provided in ordinary cases, and the party entitled to the estate or interest shall, on or before the last day of the ninth month from the death of the decedent owner, pay the tax, and in default the court shall order the estate or interest, or as much as necessary to pay the tax, penalty, and interest, to be sold.