Revenue and Taxation Code §480.8 requires owners of cooperative housing, community apartment complexes, condominiums, planned unit developments, or other residential subdivision complexes with common areas or ownership to file annual ownership reports upon the Assessor's request.
Section 61(i) expressly provides that a transfer of stock in a cooperative housing corporation is a change in ownership that requires a reassessment of the property unless an exclusion applies. When an interest in a portion of real property is purchased or changes ownership, only the interest or portion transferred shall be reappraised at full cash value. For units or lots within a cooperative housing corporation, community apartment project, planned unit development, condominium, shopping center, industrial park, or other land subdivision complex, only the lot or unit transferred is reassessed.
