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§ 462.260. Date of Change in Ownership.

18 CA ADC § 462.260Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 18. Public Revenues
Division 1. State Board of Equalization--Property Tax (California Department of Tax and Fee Administration -- Timber Yield Tax, See Chapter 11)
Chapter 4. Equalization by State Board
Article 4. Change in Ownership and New Construction
18 CCR § 462.260
§ 462.260. Date of Change in Ownership.
Currentness
For purposes of reappraising real property as of the date of change in ownership of real property, the following dates shall be used:
(a) Sales.
(1) Where the transfer is evidenced by recordation of a deed or other document, the date of recordation shall be rebuttably presumed to be the date of ownership change. This presumption may be rebutted by evidence proving a different date to be the date all parties' instructions have been met in escrow or the date the agreement of the parties became specifically enforceable.
(2) Where the transfer is accomplished by an unrecorded document, the date of the transfer document shall be rebuttably presumed to be the date of ownership change. This presumption may be rebutted by evidence proving a different date to be the date all parties' instructions have been met in escrow or the date the agreement of the parties became specifically enforceable.
(b) Leases. The date the lessee has the right to possession.
(c) Inheritance (by will or intestate succession). The date of death of the decedent.
(d) Trusts.
(1) Revocable. The date the trust becomes irrevocable.
Example 1: A creates an inter vivos revocable trust that becomes irrevocable upon A's death. The date of change in ownership is the date of A's death.
(2) Irrevocable.
(A) The date the property is placed in trust.
Example 2: A's estate plan provides that upon A's death, property is transferred to an irrevocable testamentary trust. The date of change in ownership is the date of A's death.
Example 3: A transfers to an irrevocable inter vivos trust. The date of change in ownership is the date of the transfer.
(B) The effective date of the immediate right to present possession or enjoyment of a remainder or reversion occurs upon the termination of a life estate or other similar precedent property interest.
Example 4: A creates an irrevocable trust, granting A's wife, B, a life estate in the beneficial use of the property with a remainder to C and D who are unrelated to A and B. The creation of a life estate in B is a transfer subject to the interspousal exclusion from change in ownership. Upon B's death, however, a change in ownership occurs because on that date C and D have an immediate right to the present possession and enjoyment of the remainder.
Note: Refer to Section 462.160 for trust transfer exceptions.

Credits

Note: Authority cited: Section 15606, Government Code. Reference: Sections 60, 61, 62, 63 and 67, Revenue and Taxation Code.
History
1. Change without regulatory effect renumbering and amending former subsections 462(n)(1)-(3)(B) to section 462.260 filed 5-11-94 pursuant to title 1, section 100, California Code of Regulations (Register 94, No. 19).
2. Amendment filed 5-12-97; operative 6-11-97 (Register 97, No. 20).
3. Editorial correction of subsection (d)(1) filed 10-15-2021 (Register 2021, No. 42).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 18, § 462.260, 18 CA ADC § 462.260
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