PRACTICE AREAS
RESOURCES
SEMINARS
PERSONNEL
CONTACTING US
HOME

AMBRECHT & BRITTAIN, LLP

Rule 462.001
Change in Ownership -- General

Reference: Sections 60-67, Revenue and Taxation Code.
Section 15606, Government Code.

A "change in ownership" in real property occurs when there is a transfer of a present interest in the property, including the transfer of the right to beneficial use thereof, the value of which is substantially equal to the value of the fee interest. Every transfer of property qualified as a "change in ownership" shall be so regarded whether the transfer is voluntary, involuntary, by operation of law, by grant, gift, devise, inheritance, trust, contract of sale, addition or deletion of an owner, property settlement, or any other means. A change in the name of an owner of property not involving a change in the right to beneficial use is excluded from the term "transfer" as used in this section.

Effective June 11, 1997.

The contents of this publication are for information purposes only and are not meant nor should be construed to be legal advice. Note, also, the date of the document. Laws are constantly changing, and are subject to differing interpretations. We, therefore, urge you to do additional research or to contact your own legal or tax counsel before acting on the information contained herein.

This article: www.taxlawsb.com/resources/PptyTax/462.001.htm