Fresno, CA · Member since 2015 · 552 posts · 181 votes
I'm converting all joint tenancy and tenancy in-common ownerships to LLCs Will this make a reassessment in prop tax? How about if I did a DST trust? Do trusts often reassess prop tax if new DST trust holds title?
R&T Codes are Revenue and Taxation Codes and there are a select few that can be used to exempt a transfer from having transfer taxes due (on a deed), which should also exempt the same transfer from triggering a reassessment of the property. You use an R&T code with the Recorders Office when recording the document and that tells the Tax Collectors office to hopefully leave you alone. :)
Here is a list for LA County but they are pretty much universal and can be used statewide because they are part of the State codes.
Your company will need to be registered in California if you want to put the title under the company.
Usually change title will trigger reassessment. In our area, if we can provide the proof that the percentage of ownership still stay the same than our county won't reassess. You might want to check with your county assessor office.
R&T Codes are Revenue and Taxation Codes and there are a select few that can be used to exempt a transfer from having transfer taxes due (on a deed), which should also exempt the same transfer from triggering a reassessment of the property. You use an R&T code with the Recorders Office when recording the document and that tells the Tax Collectors office to hopefully leave you alone. :)
Here is a list for LA County but they are pretty much universal and can be used statewide because they are part of the State codes.