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
200.0080 Partner in Partnership. While there are similarities in the requirements for qualifying for the homeowners' exemption and for the transfer of a base year value to a replacement property, there is also the difference that a partner may obtain an exemption on a dwelling held in the name of a partnership of which he or she is a member but cannot transfer a base year value to a replacement dwelling owned by a partnership.
The provisions of the Revenue and Taxation Code apply an aggregate theory to partnerships, i.e., the partnership is not viewed as an entity separate and apart from the partners. However, when concerned with the exclusion from change in ownership, the code clearly employs a separate entity theory. C 12/15/1989.