Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2014
Property Tax Annotations
200.0000 BASE YEAR VALUE TRANSFER
(a) BASE YEAR VALUE TRANSFER – PRINCIPAL RESIDENCE
200.0010 Calculation. When a person sells his or her principal residence valued at $198,000 and purchases a one-third interest in a residence valued at $390,000, the purchased property is ineligible to receive the base year value of the former residence because the replacement dwelling is not of equal or lesser value. Although the purchaser's interest in the new residence is only valued at $130,000, Revenue and Taxation Code section 69.5 makes it clear that comparison of values must be between the total properties involved and not just a fractional interest. C 2/7/1992.