Laws, Regulations & Annotations

C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0451.005

220.0451.005 Original Co-owner Transfers. When a transfer of real property to a legal entity is excluded from change in ownership under Revenue and Taxation Code section 62(a)(2), the person acquiring the legal entity interest immediately after the excluded transfer becomes an "original co-owner" for purposes of determining the change in ownership consequences of any subsequent transfer(s) of that legal entity interest. Subsequently, when more than 50 percent of the interests in the entity are transferred by any of the original co-owners in one or more transactions, a change in ownership occurs and the real property owned by the legal entity that was previously excluded from change in ownership will be reappraised. However, subsequent proportional transfers that are excluded under section 62(a)(2) are not cumulated or counted to determine a change in ownership. C 7/21/2008.