Laws, Regulations & Annotations

C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0662

220.0662 Statement Filing Requirements. A Preliminary Change in Ownership Report (PCOR) and a Change of Ownership Statement (COS) are two separate statements governed by two separate statutory provisions. Revenue and Taxation Code section 480.3 allows the filing of a PCOR at the time of recording a document that evidences a change in ownership. This section does not provide for the filing of a PCOR at any other time. If a PCOR is not filed at the time of recording, the only penalty that may be applied is an additional $20 recording fee. If a PCOR is not filed, an assessor should send a COS to obtain change in ownership information. If a COS is not filed by the transferee within 45 days of the assessor's request, the section 482 penalty will apply.

Compliance with one form does not waive the requirement to comply with the other. If an assessee completes the information on the PCOR and the county subsequently mails out a COS, the penalty for failure to file can be applied if the assessee fails to return or files an incomplete COS. C 3/23/2010.