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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33755
Experience:  15 years real estate, Realtor. Landlord 26 years
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I would like to add on two persons in the title. then I

Customer Question

I would like to add on two persons in the title. then I called my county gov't the related department regarding the automatically exclusion from reassessment:Transfers that result in the creation of a joint tenancy in which the transferor remains as one of the joint tenants.
I want to confirm the exclusion whether it is true or not.. The lady ask me to seek legal advice..
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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Are the people related to you?

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Will you still be on the title as a co-owner with the two new people?

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And you are asking if the creation of a joint tenancy in the property would trigger a reassessment for taxation purposes, correct?

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thanks

Barrister

Customer: replied 1 year ago.
1.They are my two sisters.
2. Yes, I will remain on the title.
3. Yes, that is exactly my question
Expert:  Barrister replied 1 year ago.

Ok, then as long as you are remaining on the title along with them, this wouldn't be considered a triggering event so as to make a reassessment occur.

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The CA Board of Equalization, which controls reassessments, states : ""Adding joint tenants does not result in reappraisal so long as you, as the original joint tenant, remain as one of the joint tenants. As a result of this exclusion, you become an "original transferor." Once you no longer have an interest in the property, at that time, the entire property would be reappraised. However, adding someone to title as tenants-in-common is a change in ownership, unless an exclusion applies.""

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thanks

Barrister

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