All properties in Ventura County are required to be reassessed as of the date a Change in Ownership occurs. In certain situations, exclusions from reassessment may apply, therefore avoiding an increase in your property taxes.
The Assessor’s office reviews all recorded deeds to determine which properties require reappraisal under the Revenue and Taxation Code (R&T Code). Our Property Transfer Division within the Assessor’s Office may also discover changes in ownership through other means, such as property owners self-reporting, through the State Board of equalization, or trade publications and public filings.
All changes in ownership require that property owners notify their Assessor as soon as possible to avoid potential interest charges or other penalties. A transfer can be a sale or purchase, but it also can be a gift or inheritance. Payment or consideration for the property is not required.
The statute of limitations under California Revenue and Taxation Code, provides that the Assessor must reassess as many as eight (8) prior assessment years due to failure to file the Change in Ownership with the Assessor.
Owners of a property that has experienced a change in ownership (except by death of an owner) must file a Preliminary Change in Ownership Report (PCOR) when the transfer is recorded. Or if un-recorded, a Change in Ownership Statement (COS) within the prescribed time limits from the date of transfer. Failure to notify the Assessor may result in the assessment of penalties.
If the change in ownership was the result of a death, the law requires that the Death of Real Property Form (BOE-502-D) be filed with the Assessor within 150 days from the date of death.
While a transfer of property may constitute a change in ownership, a number of exclusions exist so that certain types of transfers are excluded, by law, from the definition of change in ownership.