What property is subject to reassessment if a change in control or change in ownership has occurred?
The property that will be subject to reassessment is “Interest in Real Property” located in California that is owned or held under lease (under certain circumstances) by the acquired legal entity and any of its subsidiaries, as of the date of the change in control. However, if a legal entity has undergone a change in ownership, the interest in real property is only the property previously excluded from reassessment under section 62(a)(2). It includes all real property (e.g. land, buildings, structures, fixtures) owned and real property that is leased by the acquired entity from a government entity (i.e. city, state, or federal agency) for any term or real property leased from a private owner under a long term lease with a remaining term of 35 years or more. Further information and examples of real property is discussed under Definition of Interest in Real Property.
