California Revenue And Taxation Code Section 65.1

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(a) Except for a joint tenancy interest described in
subdivision (f) of Section 62, when an interest in a portion of real
property is purchased or changes ownership, only the interest or
portion transferred shall be reappraised.  A purchase or change in
ownership of an interest with a market value of less than 5 percent
of the value of the total property shall not be reappraised if the
market value of the interest transferred is less than ten thousand
dollars ($10,000) provided, however, that transfers during any one
assessment year shall be cumulated for the purpose of determining the
percentage interests and value transferred.
   (b) If a unit or lot within a cooperative housing corporation,
community apartment project, condominium, planned unit development,
shopping center, industrial park, or other residential, commercial,
or industrial land subdivision complex  with common areas or
facilities is purchased or changes ownership, then only the unit or
lot transferred and the share in the common area reserved as an
appurtenance of such unit or lot shall be reappraised.
   Notwithstanding any other provision of law, the increase in
property taxes resulting from such reappraisal shall be applied by
the owner of such property to the tenant-shareholder, lessee, or
occupant of such individual unit or lot only, and shall not be
prorated among all other units or lots of such property.

Last modified: July 31, 2008