Let’s Talk Tax Assessment During a Change of Ownership!

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What happens when you have a change of ownership of your property?  What does the tax assessment reappraisal look like under the different ways of holding title?  What happens if you are a joint tenant vs. a tenant in common?  Or, what occurs if a legal entity such as a partnership or a corporation holds title?

There are differences in the ways taxes are reassessed with each different way of holding title to real property.  If the property is leased for example for 35 years or more, a reappraisal is required.  Take for another example, if the property is held in a trust, a reassessment is only required if there has been a change of beneficial interest or control.

Under proposition 13, a reassessment takes place upon a change of ownership or transfer of title.  It is always best to review any proposed ownership change with the Assessor’s office in advance to determine any possible property tax consequences.

For a full list of what happens regarding tax assessment reappraisals under the different methods of holding title, check out Ticor’s “Change of Ownership Tax Assessment Reappraisal” flyer, here.

Download the PDF here.

For specific questions not covered, we’d suggest you contact your Ticor Title Sales Executive!  We look forward to working with you!

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