Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2013
Property Tax Annotations
200.0000 BASE YEAR VALUE TRANSFER
(a) BASE YEAR VALUE TRANSFER – PRINCIPAL RESIDENCE
200.0043 Life Estate. Husband owned a property which was his and his wife's principal residence. Prior to his death, he transferred an undivided 10 percent interest to his children. Upon his death, the remaining 90 percent interest was placed in an irrevocable trust for the benefit of his wife for her lifetime. Since the wife, the life estate holder, is considered the owner of the property for property tax purposes, the wife will qualify to transfer the base year value under Revenue and Taxation Code section 69.5 upon the sale of the property if all of the other requirements are met. C 6/6/2006.