Property Tax reassessment (CA): transfer from LLC to owner?

[Valerie Menke]

My husband and I are wondering if a tax reassessment is triggered if we purchase a property in our LLC and then transfer it into our name. We are the owners of the LLC and we would be holding title together after transferring it into our name. Does this count as a of ownership?

We are looking at a property that needs a lot of work and the easiest way to get everything done as fast as possible is a hard money loan. However many lot of the hard money lenders I talked to, only lend to LLCs. We would like to hold this property long term and since it is a duplex we would get the best interest rate if we would do an owner occupied loan. At a purchase price of 675k and an ARV of 975k the difference in property taxes would be substantial and my understanding is that a reassessment os not triggered if we purchase owner occupied and just refinance.

Has anyone done this and can share their experience? Thank you!