Transferring LLC Interest Trigger Tax Reassessment?

[Jonathan Felts]

I own 50% of an LLC that owns a property. My partners wanted out, so I got a loan to buy their interest (25% & 25%). Part of the deal was to close the LLC after doing so. I have a tax person and a lawyer but both are business oriented and not real-estate. I am wondering what steps, if any, to take to reduce taxes and a reassessment. The order of steps as I see it:

1. pay them out and get 100% of LLC

2. transfer property to either myself as an individual or a new LLC

3. Close old LLC that held property.

I think transfer of ownership and filing of new title triggers reassessment? Or because I owned 50% and now have 100% I am still majority owner. Or if I am 100% single member LLC and then transfer to another LLC or myself as an individual is it an ownership change. Tried reading the CA tax code on form 568 and Revenue and Taxation Code Section 62(a)(2), but its not clear to me.