Laws, Regulations & Annotations

C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0312

220.0312 Joint Tenancy. Husband, Wife, and Son 1 owned a parcel of California real property as joint tenants. On March 31, 1987 Husband, Wife, and Son 1 recorded a deed conveying title to the Property to Husband, Wife, Son 1, and Son 2, all as joint tenants. Husband died in 2007, and Wife died in 2010, leaving Son 1 and Son 2 as the surviving joint tenants. In 2012, Son 1 and Son 2 recorded a deed granting their interest to themselves as tenants in common.

In 1987, as a result of the creation of the joint tenancy, Husband, Wife, and Son 1 became "original transferors" for purposes of determining the property to be reappraised on subsequent transfers, and Son 2 became an "other than original transferor." The 2007 and 2010 transfers were excluded from change in ownership as the decedents' interest vested, in part, in a remaining original transferor. However, the 2012 transfer terminated the joint tenancy and created a tenancy in common with Son 1 and Son 2. Pursuant to Revenue and Taxation Code section 65(c), any interest that vests in an original transferor is not reassessed. Pursuant to section 65(d), any interest that vests in an other than original transferor is reassessed. Thus, since Son 2 was an other than original transferor, the property that transferred to him as a result of the termination must be reassessed. C 12/24/2013.