Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2013
Property Tax Annotations
170.0115 Time Share Ownership. Time share owners are joint owners having undivided interests in the property. The undivided interests may be in a specific unit or in a total project consisting of many units.
The reappraisal of undivided interests upon a change of ownership is controlled by Revenue and Taxation Code section 65(b). An interest of five percent or more must be transferred before reappraisal can take place, and then only the interest transferred is revalued. The interest transferred in time share transactions is generally specified on the deed.
The base year appraisal of a time share property, or portion thereof, eligible for valuation should be made on the basis of the market value of the time shares rather than on the basis of cost or comparability with sold properties held in ownership other than time share. While such properties may be physically similar, they are not directly comparable because of the difference in use. LTA 6/24/1980 (No. 80/97).