Legal Question in Real Estate Law in California

The new part-owner's portion will be reassessed unless he or she is in certain very limited categories such as a spouse or registered domestic partner. There may be other tax effects as well, e.g., gift tax.

First check with your county assessor's office as Mr. Whipple is corect. Moreover, although only the portion that is transferred is supposed to be subject to the reassessment, most assessor's will up the entire property's assessed and not just the part transferred. They will send the tax bill and other docuements to only one of the listed owners. The gudelines for appraisals also assumes that the individaul value of property for each of two equal owners is 1/2 the value of what the property would be if there was only one owner, whcih is not true, especially if both have any say in whiat happens to the property. When you die, only your portion of the proprety will get a stepped up tax basis.