Chapter 2. Change in Ownership and Purchase - California Revenue and Taxation Code Section 65

65.  (a) The creation, transfer, or termination of any joint tenancy
is a change in ownership except as provided in this section, Section
62, and Section 63. Upon a change in ownership of a joint tenancy
interest only the interest or portion which is thereby transferred
from one owner to another owner shall be reappraised.
   (b) There shall be no change in ownership upon the creation or
transfer of a joint tenancy interest if the transferor or
transferors, after such creation or transfer, are among the joint
tenants. Upon the creation of a joint tenancy interest described in
this subdivision, the transferor or transferors shall be the
"original transferor or transferors" for purposes of determining the
property to be reappraised on subsequent transfers. The spouses of
original transferors shall also be considered original transferors
within the meaning of this section.
   (c) Upon the termination of an interest in any joint tenancy
described in subdivision (b), the entire portion of the property held
by the original transferor or transferors prior to the creation of
the joint tenancy shall be reappraised unless it vests, in whole or
in part, in any remaining original transferor, in which case there
shall be no reappraisal. Upon the termination of the interest of the
last surviving original transferor, there shall be a reappraisal of
the interest then transferred and all other interests in the
properties held by all original transferors which were previously
excluded from reappraisal pursuant to this section.
   (d) Upon the termination of an interest held by other than the
original transferor in any joint tenancy described in subdivision
(b), there shall be no reappraisal if the entire interest is
transferred either to an original transferor or to all remaining
joint tenants, provided that one of the remaining joint tenants is an
original transferor.
   (e) For purposes of this section, for joint tenancies created on
or before March 1, 1975, it shall be rebuttably presumed that each
joint tenant holding an interest in property as of March 1, 1975,
shall be an "original transferor." This presumption is not applicable
to joint tenancies created after March 1, 1975.

Section: Previous  62.2  62.3  62.5  62.11  63  63.1  64  65  65.1  66  67  68  69  69.3  69.4  Next

Last modified: February 16, 2015