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
200.0024 Consideration. Revenue and Taxation Code section 69.5 requires that a qualifying replacement property be purchased or newly constructed. "Purchase" is defined in section 67 as "a change in ownership for consideration." A claimant inherits a residence from a family member and claims it as a replacement property asserting that the decedent devised it to him in exchange for personal services and other assistance given to the decedent during her lifetime. Those services and assistance do not constitute consideration; therefore, the residence does not qualify as a replacement property, unless the claimant can prove by clear and convincing evidence that a legally enforceable agreement existed to transfer the property in exchange for those services and assistance. C 11/4/2002.