Title Insurance & Trust Co. v. County of Riverside

Opinion

MOSK, J.

Under Proposition 13 (Cal. Const., art. XIII A), ad valorem taxes on real property are limited to 1 percent of full cash value. (Id., § 1, subd. (a).) However, property that changed ownership after the 1975-1976 tax year is subject to reassessment. (Id., § 2, subd. (a).) In order to determine whether such a change has occurred as to property owned by various legal entities, including corporations, the Legislature enacted section 64 of the Revenue and Taxation Code. Subdivision (a) states that, with certain exceptions set forth therein, the purchase or transfer of corporate…