You are invited to attend the fourth installment of our new series on California Tax Issues. This recurring series will discuss specific topics in personal, corporate, and property taxation, as well as policy and administrative changes within the state and how they may impact your business. Our California team will provide insight on challenges to state policies and other unique strategies to help resolve tax controversies.
Event Type: Webinar
The topic for this installment is: Proposition 13 change in ownership rules for multi-tiered legal entities.
Under Proposition 13’s change in ownership system, real property assessments are capped by the property’s “base year value,” which is reset upon any “change in ownership” of the property. When real property is held by a legal entity, a change in ownership occurs when an investor obtains majority ownership or control of that entity. However, this measurement of ownership can be complicated when there are multiple tiers of legal entities involved in a given transaction.