Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


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A

170.0000 ASSESSMENT

Annotation 170.0096

170.0096 Stock Cooperative. A cooperative housing corporation has 164 residential units. Each shareholder owns one share of common stock of the corporation and has the exclusive right to occupy and possess a particular unit. Under Revenue and Taxation Code section 65.1(b), if a unit or lot within a cooperative housing corporation is purchased or changes ownership, only the unit transferred is reappraised. Thus, whenever a unit is purchased or changes ownership, the assessor is required to reappraise the property and establish a new base year value only for that unit. If the shareholders have not requested separate assessments under Revenue and Taxation Code section 2188.7 and the property tax increases as a result of the reappraisal of that unit, the corporation must apply the resulting tax increase to only the shareholder of that unit and cannot prorate it among the other shareholders. C 3/12/2007.