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Orange: BOE-502-G

Orange: BOE-502-G for 2016

CHANGE IN OWNERSHIP STATEMENT OIL AND GAS PROPERTY

  • Details-1

    IMPORTANT NOTICE


    The law requires any transferee acquiring an interest in real property or manufactured home subject to local property taxation, and that is assessed by the county assessor, to file a Change in Ownership Statement with the County Recorder or Assessor. The Change in Ownership Statement must be filed at the time of recording or, if the transfer is not recorded, within 90 days of the date of the change in ownership, except that where the change in ownership has occurred by reason of death the statement shall be filed within 150 days after the date of death or, if the estate is probated, shall be filed at the time the inventory and appraisal is filed. The failure to file a Change in Ownership Statement within 90 days from the date of a written request by the Assessor results in a penalty of either: (1) one hundred dollars ($100); or (2) 10 percent of the taxes applicable to the new base year value reflecting the change in ownership of the real property or manufactured home, whichever is greater, but not to exceed five thousand dollars ($5,000) if the property is eligible for the homeowners’ exemption or twenty thousand dollars ($20,000) if the property is not eligible for the homeowners’ exemption if that failure to file was not willful. This penalty will be added to the assessment roll and shall be collected like any other delinquent property taxes, and be subject to the same penalties for nonpayment.


  • A. TRANSFER INFORMATION
    1.
    Purchase (complete Sections B and C on the reverse side).
    2.
    Land Sales Contract. A contract for the purchase of property in which the seller retains legal title to it after the buyer takes possession
    3.
    Inheritance. Transfer by will or intestate succession.
     
       
     
    Relationship to deceased   
    4.
    Trade or exchange. The above described property has been traded or exchanged for other real property or tangible personal property.
    5.
    Merger or stock acquisition.
    6.
    Partial interest transfer. Was less than 100 percent of the property transferred?
    If yes, indicate the percentage transferred %
    7.
    Foreclosure or trustee sale.
    8.
    Gift.
    9.
    Life estate.
    10.
    Reconveyance (pay-off).
    11.
       
    12.
       

    13.
    Was this transfer solely between husband and wife, addition of a spouse, divorce settlement, etc.?
    Yes No

    14.
    Was this transaction only a correction of the name(s) of persons or entities holding title to the property?
    Yes No

    15.
    If you hold title to this property as a joint tenant, is the seller or transferor also a joint tenant?
    Yes No

    16.
    Was this transaction the termination of a joint tenancy interest?
    Yes No

    17.
    Was this transfer between family members or related businesses?
    Yes No

    18.
    Was this document recorded to substitute a trustee under a deed of trust, mortgage, or other similar document?
    Yes No

    19.
    Was this document recorded to create, assign, or terminate a lender’s interest in this property?
    Yes No

    20.
    Has this property been transferred to a trust?
    Yes No
    If yes, is the trust:
    Revocable Irrevocable

    21.
    If the trust is irrevocable, is the transferor or the transferor’s spouse the sole present beneficiary?
    Yes No

    22.
    Does this property revert to the transferor in 12 years or less? (Clifford Trust)
    Yes No

     
    If you answered no to 21 or 22, attach a copy of the trust agreement.
  • B. PROPERTY INFORMATION
    1
       
    2
                 
    3
       
     

    4
          
     
      

    5
     
    6
     
    7
     
            
     
     
    8
                      
    9
          
    10
                     
    11
                  
    12
                  
    13
             
     
             
    14
    Were appraisals, evaluations, cash flow projections or other analyses made to assist in establishing a purchase price?
    Yes No
     

    a. If yes, please enclose copies of those appraisals, evaluations, cash flow projections or analyses. Please identify the analysis or appraisal most relied upon in establishing the purchase price.

    b. If no, please explain in Section D how the purchase price was determined.

    15
    Please enclose a copy of the following:
    a. The sales agreement or contract including all exhibits and amendments thereto, as well as other related agreements or contracts, such as loan agreements.

    b. A complete listing of all assets acquired and liabilities assumed in the acquisition, if not included in item 15a. Please list each lease, including wells and related equipment, separately.

    c. The allocation to your company books of the total acquisition price, by specific items.

  • C. PURCHASE PRICE OR TRANSFER AMOUNT INFORMATION
          
                     
      
             

  • D. REMARKS
    (Please include below any additional information about the sale or transfer which should be called to the attention of the Assessor.)

  • CERTIFICATION

    OWNERSHIP TYPE

    Proprietorship
    Partnership
    Corporation

    I certify (or declare) under penalty of perjury under the laws of the State of California that the foregoing and all information hereon, including any accompanying statements or documents, is true, correct and complete to the best of my knowledge and belief. This declaration is binding on each and every co-owner and/or partner.



Please provide all required information

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