Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


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C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0375.035

220.0375.035 Limited Liability Company. A California limited liability company (LLC) owns a multi-residential property. The sole member of the LLC is a family trust. The LLC desires to change from being member-managed to manager-managed and intends to appoint a California corporation as manager. The manager will have no ownership interest in the LLC. Revenue and Taxation Code section 64 specifies that there is a change in ownership of the real property owned by a legal entity when another legal entity or another person obtains direct or indirect control of the legal entity through ownership of more than 50 percent of the voting stock or a majority ownership interest. Since the California corporation assuming the role of manager will have no ownership interest in the LLC it is charged with managing, there will be no change in ownership as a result of the proposed change in management. C 2/23/2010.