A new law allows the Tax Assessor’s Office to impose penalties on property owners who fail to file a Preliminary Change of Ownership form when title to property is transferred. Revenue & Tax Code Section 482 provides that if the purchaser or transferee of real property fails to file a Preliminary Change of Ownership form, within 90 days after being asked to do so, by the Assessor’s office, the Assessor can levy penalties in the amount of $100.00 or 10% of the taxes applicable to the new base year value reflecting the change of ownership. In Orange County with lots of properties worth $1,000,000, 10% of the tax could be $1,000.00 easily. The tax collector can then seek to collect that either on the secured roll or on the unsecured roll against the property owner, even after sale of the property.