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To create original transferor status, a transaction must occur that either changes title to joint tenancy or adds an additional person to title as one of the joint tenants. The purchase of property as joint tenants does not create original transferor status.
2 Ιουλ 2015 · Therefore, the Board is now proposing to add examples to Rule 462.040 to clarify the change in ownership consequence of transfers of interests in joint tenancies, including transfers terminating joint tenancies.
462.040 (2006), which took effect in October 2003 by the California Board of Equalization, allows co-owners of property, regardless of California or local domestic partnership status, to avoid property tax reassessment when one or the other passes away. The expanded rule can be met in two ways: (1) A and B own property as tenants in common, and ...
• If Transfer of Real Property interest (e.g., fee, leasehold): RTC § 61(j), RTC § 62(a)(2) and Rule 462.180 • If transfer of an interest in a legal entity that owns real property (e.g., corporate voting stock, partnership or limited liability company capital and profits interests): RTC § 64 and Rule 462.180
Under section 64(c)(1) and Property Tax Rule 462.180, subdivision (d)(1)(B), a change in ownership occurs when a new entity obtains control, whether directly or indirectly, of an entity that owns real property.
The amendments to Property Tax Rule 462.040 make the rule consistent with: • Current law which provides that the transfer of a joint tenancy interest to a trust severs the joint tenancy;
Property Tax Rule 462.040 was expanded on November 13, 2003 in a way to allow co-owners not married to each other to avoid reassessment upon the death of an owner, for the first time in California history.
