September 28, 2010
Taxation Alerts

Avoid California Property Tax Penalty
by D. Karen Maready

Has your company experienced a change in control or ownership?

Reminder that a 2010 change in state law requires that, within 45 days of a "change in control" or "change in ownership" (pursuant to California Revenue & Taxation Code Sections 64(c)-(d)) of a legal entity which owns or leases an interest in real property in California, a Form BOE-100-B must be filed with the California Board of Equalization (BOE).  Failure to timely file will result in a penalty of 10% of the taxes applicable to the new base year value. 

Additionally, if the BOE requests that an entity file Form BOE-100-B, and it is not filed with the BOE within 45 days of such request, a 10% penalty will be incurred relative to the new base year value, or, if no change in control or ownership actually occurred, the penalty will equal 10% of the current year's property taxes.

Back to Alerts