I'm considering to transfer a Los Angeles, CA property that is currently under my name to an LLC. The property is owned outright and is now worth much more than when it was first acquired. Is there a way to make the transfer without triggering a property tax reassessment? It's the first time doing a transfer like this, so any input would be extremely helpful. Thank you all in advance!
I recommend you consult with a qualified California tax attorney on this if you have not done so already.
Possibly. Is it a single member LLC? Who is on title before, who will be members of the LLC? Is there a due on transfer clause in the mortgage to be concerned about? You probably should consult a tax attorney or estate planning attorney to ensure you have the correct language and code sections referenced if you qualify to have the transfer excluded from reassessment.
*this post does not create an attorney client or cpa-client relationship. The information contained in this post is not to be relied upon. Readers are advised to seek professional advice.
Thanks so much for your response. I'm the sole owner of the property, there is no mortgage, so there would be no due on sale clause, and I would be the sole owner of the LLC. It would be a direct transfer from my name to the LLC owned solely by me. Thank you for any info you can provide!