What happens if a Change of Ownership Statement is not submitted within the time frame prescribed by law?
Failure to file a Change of Ownership Statement within the time prescribed by law may result in a penalty. Additionally, when the change in ownership is discovered, the assessor will determine if a reappraisal of the property is required under State law. If required, an appraisal is made to determine the market value of the property as of the date of death of the property owner. The resulting market value of the property will be enrolled as of the date of death of the property owner, the assessed value will be corrected for each year thereafter pursuant to Proposition 13, and corrected tax bills will be issued. If the property has been sold to a third party, corrected bills will be issued unsecured to the estate, or in the name of the heir(s), or the trustee of the trust, whichever is appropriate.
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