REILLY v. COUNTY OF SAN FRANCISCO
Where an income beneficiary of real property held by a testamentary trust died and was succeeded by another income beneficiary, there was a change in ownership under Proposition 13--thereby allowing the property to be reassessed at its current market value for property tax purposes--because the beneficiary's death caused a transfer of the property's primary economic value to the successor beneficiary, who acquired a present beneficial interest in the property.
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