No Limitations And No Escape: The Long Tail Of Real Property Tax Liability Resulting From Entity Interest Transfers In California
By EsqSocial Corporation 22/12/20
The general limitations on reassessment of real property without a “change of ownership” under the 1978 voter initiative known as “Proposition 13” deserve renewed attention after the failed effort to enact Proposition 15 in 2020. Under the California Constitution, as amended by Proposition 13, for ad valorem tax purposes, real property ordinarily can only be assessed annual taxes equal to 1 percent of its “base value,” which is its full cash value as of the most recent “change of ownership” (or...
By: Miller Starr Regalia