Property Tax Reassessment Issues
Proposition 13, passed by voters in 1978, generally capped property tax increases at 2% per year. However, whenever a change of ownership occurs, the County Assessor may reassess the property at its full value. This can create a dramatic increase in taxes, especially if the property has been owned for a long time.
Often, businesses and individuals don’t understand what constitutes a change in ownership until it’s too late. The time to challenge a reassessment is very short, usually only 60 days. Even a minor change in the parties of a partnership can trigger a full reassessment of the property and the related increase in taxes. If you are facing a reassessment of property due to an alleged change in ownership call us immediately.
We also help avoid reassessment by reviewing your proposed real estate and business transfer before you make it.
