Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014

Property Tax Annotations

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Annotation 220.0453

220.0453 Original Co-owners. Four persons transferred real property into a limited liability company in a transaction that was excluded from change in ownership under Revenue and Taxation Code section 62(a)(2). Thus, these four persons became original co-owners under section 64(d). Subsequently, the limited liability company acquired other property. When the four original co-owners cumulatively transfer more than 50 percent of their interest in the limited liability company, this will result in a reassessment of the real property that had been previously excluded from reassessment under section 62(a)(2). C 7/26/2006.