INFO PAGE
Tenancy-in-common units
Tenancy-In-Common (TIC) is a form of ownership which allows a group of individuals to co-own a single parcel.
How are TICS valued?
While each owner owns a portion of the parcel, the parcel is still treated as one unit for property tax billing purposes. A common example of a TIC might be a building with two separate flats – in this case, the building is still technically one parcel but different individuals own each flat and may split ownership of the parcel 50-50.
TIC properties are assessed in the same way as other properties. In California, Proposition 13 generally caps a property’s assessed value from increasing by more than 2% annually unless there is a change in ownership or new construction activity.
In the case of a change in ownership for a TIC, when a percentage share of a parcel is sold, only that portion will be reassessed at current market value.
For more information and an illustration of a potential TIC reassessment, please read our fact sheet.
Individual assessed value for TIC
Usually, only one parcel receives the annual Notice of Assessed Value in July. However, as a courtesy, our office can provide TIC co-owners with a break-out of each share of the regular assessed value. Please fill out the request for notification of individual assessed value for tenancy in common units by March 30 of each calendar year.
Translated forms:
- Chinese: 申請聯合擁有公寓個別單位估值通知書
- Spanish: Solicitud de notificación de valor de tasación individual para unidades en tenencia en común
- Filipino: Kahilingan Para Sa Pagbibigay-Alam Ng Indibiduwal Na Tinasang Halaga Para Sa Mga Tenancy-In-Common Na Mga Unit