Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2012
 

Government Code Provisions

Provisions Relating to Property Tax Relief

DIVISION 4. FISCAL AFFAIRS

PART 1. FUNDS FOR SUBVENTIONS

Chapter 5. Payment of Postponed Property Taxes*

Article 4. Impound Accounts

Section 16211

16211. Rights of claimant to purchase new dwelling. The claimant under Chapter 2 (commencing with Section 20581), Chapter 3 (commencing with Section 20625), Chapter 3.3 (commencing with Section 20639, or Chapter 3.5 (commencing with Section 20640) of Part 10.5 of Division 2 of the Revenue and Taxation Code whose residential dwelling was sold or condemned may draw upon the amount in the account to purchase a new residential dwelling, and the amount so drawn shall be secured by a new lien against the new residential dwelling from the time the Controller records the new lien against the new residential dwelling as provided for under Section 16182.

In the case of real property, the Controller shall subordinate the new lien to the lien of the note and deed of trust of the purchase money obligations used in the acquisition of the new residential dwelling, provided the claimant has an equity of at least 20 percent of the full value of the property, as required by paragraph (1) of subdivision (b) of Section 20583 of the Revenue and Taxation Code, prior to recordation of that subordination. The lien shall have priority over all subsequent liens, except as provided in Section 2192.1 of the Revenue and Taxation Code.

History.—Stats. 1978, Ch. 43, in effect March 16, 1978, substituted "sold or condemned" for "subject to condemnation" and added "new" before "lien" in the first paragraph, and added "new" before "lien" in the first sentence of the second paragraph. Stats. 1982, Ch. 454, in effect January 1, 1983, substituted "Chapter 2" for "Chapter 3" after "under" in the first paragraph, and substituted "the" for "such" after "subordinate" and "that" for "such" after "recordation of" in the first sentence, and substituted "The" for "Such" at the beginning of the second sentence of the second paragraph. Stats. 1983, Ch. 1051, in effect January 1, 1984, added ", Chapter 3 . . . Section 20640)" before "of Part 10.5" in the first paragraph, and added "In the case of real property" before "the Controller" in the first sentence of the second paragraph.

* Chapter 6 was enacted by Stats. 1977, Ch. 1242, in effect October 1, 1977, and was renumbered as Chapter 5 by Stats. 1982, Ch. 454, in effect January 1, 1983.