The change in ownership exclusion for a transfer of an interest in real property between cotenants that takes effect upon the death of one cotenant applies as long as certain conditions are met.
The law requires any transferee acquiring an interest in real property (including mineral rights) subject to local property taxation assessed by the County Assessor to file a Change in Ownership Statement with the County Recorder or Assessor.
California law requires that the Assessor/Clerk-Recorder be notified of a change in ownership when a real property owner passes away. Notification must be made within 150 days of the date of death or at the time the Inventory and Appraisal is filed if the estate is subject to probate. Failure to file may result in penalties.
If the Preliminary Change in Ownership Report was not filed at the time of recording, the Assessor's Office will mail a request for the Change in Ownership Statement to be completed.
