The Revenue and Taxation Code defines change in ownership as “a transfer of a present interest in real property, including the beneficial use thereof, the value of which is substantially equal to the value of the fee interest”.
However, either by legislation or voter initiative, several types of transfers are excluded from reassessment. Listed below are those most commonly occurring. Please contact the Assessor’s Office for additional information regarding change in ownership.
No Change To Proportional Ownership Interests
Generally, transfers between individuals and a legal entity or between legal entities that result solely in a change in the method of holding title, and in which proportional interests of the transferors and transferees remain exactly the same, are excluded.