Property owners are required to notify the County Assessor of any ownership changes promptly to avoid potential interest charges or penalties. Under California law, county assessors may correct assessments for up to eight prior years if ownership changes go unrecorded or if a Change in Ownership Statement is not filed.

For most ownership changes (except those due to the owner's death), property owners must file a Preliminary Change in Ownership Report (PCOR) at the time the grant deed is recorded. For unrecorded transfers, a Change in Ownership Statement must be filed within the prescribed time limits from the date of transfer. Failure to notify the Assessor may result in failure-to-file penalties.

If the ownership change is due to the death of an owner, state law requires filing a Death of Real Property Owner statement with the Assessor within 150 days of the date of death.