Is Cal. Rev. & Tax. Code § 65.1 — Change in Ownership and Purchase still in force?

Statute · California Revenue and Taxation Code

Cal. Rev. & Tax. Code § 65.1 — Change in Ownership and Purchase

Cal. Rev. & Tax. Code § 65.1

Type: Statute
Source: California Revenue and Taxation Code
Jurisdiction: California
Current through: Nov 2, 2026 (California Legislative Counsel)

Citator

Cal. Rev. & Tax. Code § 65.1 — Change in Ownership and Purchase is in force in the current edition of the Code, and nothing recorded condemns it.

(a) Except for a joint tenancy interest described in subdivision (f) of Section 62, when an interest in a portion of real property is purchased or changes ownership, only the interest or portion transferred shall be reappraised. A purchase or change in ownership of an interest with a market value of less than 5 percent of the value of the total property shall not be reappraised if the market value of the interest transferred is less than ten thousand dollars ($10,000) provided, however, that transfers during any one assessment year shall be cumulated for the purpose of determining the percentage interests and value transferred.

(b) If a unit or lot within a cooperative housing corporation, community apartment project, condominium, planned unit development, shopping center, industrial park, or other residential, commercial, or industrial land subdivision complex with common areas or facilities is purchased or changes ownership, then only the unit or lot transferred and the share in the common area reserved as an appurtenance of such unit or lot shall be reappraised.

Notwithstanding any other provision of law, the increase in property taxes resulting from such reappraisal shall be applied by the owner of such property to the tenant-shareholder, lessee, or occupant of such individual unit or lot only, and shall not be prorated among all other units or lots of such property.