Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2017
Property Tax Annotations
200.0000 BASE YEAR VALUE TRANSFER
(a) BASE YEAR VALUE TRANSFER – PRINCIPAL RESIDENCE
200.0086 Purchase. To qualify for the Revenue and Taxation Code section 69.5 transfer of a base year value to a replacement dwelling, several requirements, including the requirement that the replacement property must be purchased, must be satisfied. Obtaining an 8 percent ownership interest in a property as a beneficiary of a trust prevents using the property as a replacement, even if the remaining 92 percent interest is obtained by purchase. Reason indicates that there must be an instance in which a gifted interest is so small that it should be ignored. Lacking such de minimis standard in section 69.5, the application of the less than 5 percent of the total value and less than $10,000 limitation of Revenue and Taxation Code section 65.1 provides a reasonable standard. C 3/30/1990; C 1/28/2000.