Title transfer from individual to multi member LLC in California

[Bett Zeng]

Hello everyone!

I'm looking for advice on the tax implications that come with transferring title from an individual into a LLC with 3 members.

A couple days ago I purchased a multifamily up in northern California and took title of the property. I own 51% of an LLC with 2 other family members, each of them with 24.5% ownership. Initially I thought it should be fairly simple to transfer title but after talking to a couple title company people they told me that the county might charge me with a transfer tax because there are multiple people in the LLC thus making it a "sell".

I've only heard that there is a chance of the property being reassessed ... so is there gonna be some sort of transfer tax as well? And are there gonna be any other tax implications that would arise when we do the transfer?

Thanks in advance for any information or advice!