Regional Property Tax Report: California Real Property Taxation; The Tips and Traps Under the State's Property and Transfer Taxes

The Bloomberg BNA Tax Management Weekly State Tax Report filters through current state developments and analyzes those critical to multistate tax planning.

The following is the first of a series of quarterly articles by the State and Local Real Estate Tax Practice of PricewaterhouseCoopers LLP. In these articles, PwC will explore significant state real property tax issues that may be triggered in certain states when businesses own real property, transfer, improve or lease real property, or engage in other activities affecting real property. The same transaction or activity may have different implications across the states. In this first regional report, Sean Kanousis, Sam Melehani, Reed Schreiter, and Adam Robbins address California's change of ownership rules and how the intersection of real property taxes and transfer taxes cause considerable confusion for California taxpayers.