All Forum Posts by: Sebastien Dessureault

Thank you for the various answers.  

I do file a yearly 1120 for the C-Corp and transferred the property through a sale (priced around market value) when we decided to move in make it our principal residence rather than put up for sale.  The transfer was executed through a notarized grant deed and legal description.

My quick review of the California real property law regarding the supplemental assessment is that a "change of ownership" should not trigger a reassessment if the transfer only changes the method of holding the title.

I will contact my local Assessor's office to obtain more details and see if I can straighten this out.

Hi,

I recently transferred the title of a California property from a C-Corp of which I own 100% of the shares to my and my wife's individual names.

I was advised that the transfer would not trigger a property tax reassessment based on the fact husband and wife are considered an economic unit and the transfer would not be considered a "change in ownership" since 100% of the property ownership would be transferred from me through the C-Corp to me and my wife.

Next thing I know I received a notice of supplemental assessment dating from the title transfer date.

Was I incorrectly advised or should I contact the Assessor's Office to plead my case?

Thank you!