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.
Estate For Years/Life
Any transfer whose terms reserve to the transferor an estate for years/life is excluded.