PALO ALTO, CA—Documentary transfer taxes collected on the transfer of real property interests are a major source of revenue for counties and municipalities in California. So says locally based Michael Polentz, chair of the real estate and land use practice group at Manatt, Phelps & Phillips LLP. He, along with Elizabeth Levin, an associate in the same group in the Los Angeles office, say in this exclusive commentary that “as local governments endeavor to refill their coffers, depleted in the wake of the recession, many have taken a closer look at the tax potential of a broad spectrum of real property conveyances beyond the classic transfer of a deed.”
The views expressed in the commentary below are the author's own.
Assignments of long-term leases (often called “ground leases”), in particular, have fallen under the assessor's microscope. County recorder's offices across the state are paying close attention to lease assignments and may reject those which do not properly state the tax to be collected thereon.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
