The Property Tax Law regulates the taxation of trusts, providing detailed regulations and definitions. It clarifies that the acquisition of real estate by a trustee, as well as its division to the beneficiary, is subject to tax under the law. This is due to the "grant of a right to order a grant" or the "grant or transfer" of a right in real estate. Both the acquisition and division are subject to capital gains and acquisition tax.

However, there is an exemption for the division of trust assets from these taxes, as long as it is carried out within the framework of the trust. The Property Tax Law recognizes tax relief for trusts created by the operation of the law, as well as voluntary trusts created by agreement. In the latter case, real estate taxes are levied on the acquisition of a right in real estate by the trust creator, but the beneficiary is exempt from these taxes upon the division of the property.

In summary, the Property Tax Law has implications for trusts, requiring understanding and compliance with its regulations to navigate the taxation of real estate acquisitions.