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Northern California - Important Revision Come to Ownership Rules

The California State Board of Equalization recently amended regulations to clarify that the transfer of a joint-tenancy interest in a trust does not constitute…

By David Colker | Updated on September 13, 2002

The California State Board of Equalization recently amended regulations to clarify that the transfer of a joint-tenancy interest in a trust does not constitute a change in ownership if the transferor is one of the joint tenants after the transfer.

Generally, if a change of ownership occurs, then all real property owned by the joint tenancy is reappraised for property-tax purposes. Further, the new rules allow county property-tax assessors to consider joint title holders to be joint tenants and original transferors if there is reasonable cause to believe that the parties intended to create a joint tenancy.

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