Severing Joint Tenancy can Cause Property Tax Reassessment in California
In California, Proposition 13 provides that real property taxes are reassessed only upon a change of ownership. Two brothers held a property as joint tenants. One of the brothers recorded a Grant Deed in which he conveyed the property to he and his bother as tenants-in-common. Held: Even though the two brothers held the same interest in the property before and after the transfer, the transfer severed joint tenancy which qualified as a change of ownership, and triggered property tax reassessment.
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I am a litigation lawyer, licensed to practice law in the State of California. You can reach me by phone at (310) 286-2000.
I am a litigation lawyer, licensed to practice law in the State of California. You can reach me by phone at (310) 286-2000.
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