Legal Entity Ownership Program (LEOP)
The Board of Equalization's (Board's) Legal Entity Ownership Program (LEOP) gathers and disseminates to county assessors information regarding changes in control and changes in ownership of legal entities that own or lease an interest in California real property. Such changes in ownership or changes in control require reassessment of the real property interests. Thus, the purpose of the program is to assist county assessors in discovering changes in control or changes in ownership that have not been captured by a county's own discovery systems. The program is needed because, ordinarily, transfers of ownership interests in legal entities do not involve a recorded deed or other notice that would inform county assessors.
The Board reviews form BOE-100-B, Statement of Change in Control and Ownership of Legal Entities and determines whether a transfer is either a change in control or a change in ownership. Once the Board determines that either of these events has occurred, and that an interest in California real property is subject to reassessment, the information is reported to the county assessors. The task of reassessing such real property is the responsibility of the county assessor where the property is located.
Forms and Filing
Legal entities subject to penalties if they fail to file a change in ownership statement with the Board within 90 days following a change in control or a change in ownership where the entity or any subsidiary entity owned or held California real property at the time of the change. A legal entity must also file a change in ownership statement within 90 days of the Board's written request. (See Filing Requirements below.) (PLEASE NOTE: Prior to January 1, 2012, the deadline was 45 days.) The change in ownership statement that must be filed by legal entities is form BOE-100-B, Statement of Change in Control and Ownership of Legal Entities. In some cases, an exclusion from change in control or change in ownership may be applicable.
Click here to download form BOE-100-B, Statement of Change in Control and Ownership of Legal Entities .
Links to further information on transfers involving legal entities are below:
- Definition of Legal Entity and Ownership Interest
- Definition of Change in Control
- Definition of Change in Ownership
- Definition of Interest in Real Property
- Result of Change in Control or Change in Ownership
- Exclusions from Reassessment
- Filing Requirements and Penalty Provisions
- Forms and Instructions
- Discovery Methods for Changes in Control and Changes in Ownership
- Frequently Asked Questions