Editor's note: Meet Tara-Nicholle Nelson at the upcoming Real Estate Connect conference in San Francisco, which runs from Aug. 5-7, 2009. She will be available to meet with conference attendees from 12:30 p.m. to 1:30 p.m. on Thursday, Aug. 6, in the Palace Hotel's Ralston Room. Click here to send Tara-Nicholle a message. In the case Phelps v. Orange County Assessment Appeals Board No. 1, a leased shopping center was held in trust, with Phelps as the income beneficiary of the trust. On Phelps' death, his interest as the income beneficiary of the trust passed to his four children. On this transfer, the Orange County Tax Assessor reassessed the value of the property and increased the property taxes. The trust appealed the property's reassessment to the Assessment Appeals Board, but...
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