Change of Ownership: Understanding What Triggers a Property Tax Reassessment (Video)

Navigating property taxes can be a complex and daunting task for property owners and real estate professionals alike. One of the critical aspects to understand is what triggers a property tax reassessment, especially in light of recent legislative changes and various ownership structures. Recently, Pro-Active Escrow hosted an insightful session featuring Kent Meyers, a seasoned property tax specialist, to shed light on this topic. If you missed this session, we’ve got you covered! You can watch the recording to gain valuable insights.

Key Topics Covered in the Session

The session focused on several pivotal areas that can lead to a property tax reassessment, including:

1. Proposition 19:

   • Explanation of Proposition 19 and its impact on property taxes.

   • Scenarios where Proposition 19 triggers a reassessment.

2. LLCs and Trusts:

   • How changes in ownership within LLCs can affect property tax assessments.

   • The role of trusts in property ownership and potential reassessment triggers.

3. Appeals Process:

   • Steps to take if you believe your property has been unfairly reassessed.

   • Detailed overview of the appeals process and best practices for a successful appeal.

Why Understanding Property Tax Reassessments Matters

For property owners and real estate professionals, understanding what triggers a reassessment is crucial for several reasons:

• Financial Planning: Anticipating changes in property taxes allows for better financial planning and budgeting.

• Compliance: Staying compliant with local tax laws helps avoid penalties and legal issues.

• Investment Decisions: Knowledge of reassessment triggers can influence decisions on property transactions and ownership structures.

Watch the Recording

To ensure you don’t miss out on this crucial information, we have made the recording of the "Change of Ownership: What Triggers a Tax Reassessment?" session available. Watching this recording will provide you with comprehensive knowledge and practical tools to navigate the complexities of property tax reassessments effectively.