In case the land is a trust property, the trustee shall be the taxpayer of land value tax or agricultural land tax during the life of the trust.
The aforesaid land shall be consolidated with other parcels of land owned by the settlor in the same municipality or county (city) in the calculation of total land value based on which land value tax is levied pursuant to the tax rates provided in Article 16 of this Act, and land value tax payable on each parcel of land shall be computed according to its proportion in the total land value. Notwithstanding the foregoing, in case the beneficiary of a trust is not the settlor and the following conditions are satisfied, the aforesaid land shall be consolidated with other parcels of land owned by the beneficiary in the same municipality or county (city) in the calculation of total land value:
1. The beneficiary has been determined and has interest in the entire trust; and
2. The settlor does not reserve the right to change beneficiary.