Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2015
Property Tax Annotations
200.0000 BASE YEAR VALUE TRANSFER
(a) BASE YEAR VALUE TRANSFER – PRINCIPAL RESIDENCE
200.0035 Historical Property. Revenue and Taxation Code section 69.5(e) provides that this section does not apply unless the transfer of the original property is a change in ownership that either (1) subjects the property to reappraisal at its current fair market value in accordance with section 110.1 or 5803 or (2) results in a base year value transferred to it from another property under sections 69, 69.3, or 69.5. The fact that an original property is a historical property that is enforceably restricted under a Mills Act contract and annually valued under Revenue and Taxation Code section 439.2 does not disqualify the property as an original property because section 439.2(d) provides that the restricted valuation cannot exceed a valuation under either section 110 or 110.1. In order to comply with subdivision (d), an assessor is thus required to reappraise an enforceably restricted historical property at its current fair market value in accordance with section 110 and its full cash value in accordance with section 110.1. C 1/13/2005.