Will there be property tax consequences to making a living trust? So I keep telling people that they probably need a living trust, especially if you own property here in California, but many people are worried that if they touch the title that it will create a property tax reassessment. I’m here to tell you that there is an exclusion for that, that you don’t have to worry about that. You could transfer property you own into a living trust without a reassessment. Now the only caveat to that is if it’s jointly held with another person that’s not your.