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.
The transfer by the trustor/trustor’s spouse into a trust for so long as (1) the transferor is the present beneficiary of the trust or (2) the trust is revocable or any transfer by a trustee of such a trust back to the trustor is excluded.