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Form 8288-A for Santa Clara California: What You Should Know
F-8348, (Rev. June 11, 2010) — IRS The California Real Property Assessment Reform Act of the California Legislature, which was signed into law by the Governor on May 31, 2006, provides for the administration of local assessments of real property by property owners that is sold, conveyed, leased, or otherwise disposed of by a person that held a right to the property prior to the enactment of the Real Property Assessment Reform Act and that owns more than one million dollars' worth of tax-exempt real property. As of March 17, 2008, foreign persons have been assessed more than 5 billion worth of California real property in connection with transactions in which the property was sold, transferred, leased, or otherwise disposed of by a person that held a right to the property prior to the enactment of this statute. C.F.R. 6.01-8(c)(1). In order to increase awareness of this issue, the Office of Legislative Research (OR) has issued an instructional brochure on this issue: Property Assessments for Foreign Persons in California. F.S. 1052.1. General provisions The Legislature finds and declares that the real property laws of the State of California as applied to the sale, conveyance, lease, or other dispositions of real property by United States persons do not reflect the real property laws of the United States, with respect to the administration of local assessments of real property in California. The real property laws of the State of California, whether administered by the California Department of Finance or by local property assessors, shall apply only to the United States persons who are subject to, and are in compliance with, the real property laws of the State of California. C.F.R. Sections 1.12, 1.45, 1.61, 1.62, and 1.65. Title 24. Housing and Community Development. Chapter 6, Subchapter C, Article 23, Part A, Chapter 9, Subchapter A. Section 10001. Tax exemption for foreign persons.
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