Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2015
Property Tax Annotations
200.0000 BASE YEAR VALUE TRANSFER
(a) BASE YEAR VALUE TRANSFER – PRINCIPAL RESIDENCE
200.0075 Owner. For purposes of applying the benefits of Revenue and Taxation Code section 69.5, the term "owner" includes the life beneficiary of two trusts, one of which is revocable and the other of which is irrevocable. While a trustor may be the owner of property held in a revocable trust, the life tenant residing in the property qualifies as an equitable owner of the interest in the property held in the irrevocable trust. C 12/20/1989.