How to Avoid Tax Re-assessment When Changing Ownership

[Jonathan Felts]

I have a commercial property that is owned by an LLC in Pleasanton, CA. It had three members, 25%, 25% and me with 50%. I refinanced the property and bought them out earlier this year, so now I own 100% of the LLC. Does this trigger a ownership change and/or a reassessment of value and taxes?

Second part of this deal, the partners required me to close the LLC after they are bought out. Since I still have a loan on the property under the original LLC should I:

1. create a new LLC, and transfer the property over? I would owe 100% of the old and new one.

2. Dissolve the LLC and own property personally, then transfer into a new LLC?

What is the best way to do this to avoid re-assessment of taxes AND when I sell avoid the most capital gains taxes?