transfers between an individual and a legal entity (at least an LLC) do not result in a tax re-assessment
I held my rental properties in LLCs for liability protection – each property had its own LLC – any time I did a refi I had to Quit Claim the property back into my name and then when the refi completed Quit Claim back to the LLC
on the form to file/record the Quit Claim deed I’d write in this exact text:
“The grantors and grantees in this conveyance are comprised of the same parties who continue to hold the same proportionate interest in the property, R&T 11923(d).”
this text should keep the tax assessor from asking questions although they called me about one transfer long ago
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I don’t know if corporations and LLCs are treated the same inre transferring real estate without tax consequences but I would assume that they are
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there is no tax re-assessment when transferring real estate among ‘immediate’ family members – don’t know if ‘immediate’ includes grand-parents – if I understand correctly, I can give my real estate to my parents, siblings or children without the property being re-assessed
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I have read that one of the drivers for creating urban sprawl is that the taxes on commercial property (almost) never get re-assessed after the property is built – the game is to put the property into an LLC and then sell the LLC instead of the property – the property is never ‘sold’ but the LLC (which holds 100% interest in the property) may change hands numerous times – since the city can’t increase the tax base via existing real estate they are motivated to build the next strip mall and the next housing development
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the contents of a safe deposit box held as tenants in common (for example, a parent and a child) are not taxed upon the death of one of the tenants in common – there are lots of things that can go in safe deposit boxes: gold, diamonds, jewelry, cash, etc
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I am not a lawyer – this advice may be out-of-date or just flat wrong – never do anything involving money, taxes or the law without appropriate professional advice
