Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


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B

200.0000 BASE YEAR VALUE TRANSFER

(a) BASE YEAR VALUE TRANSFER – PRINCIPAL RESIDENCE

Annotation 200.0112

200.0112 Replacement Property. A condominium purchased by a person over the age of 55 to replace a personal residence upon which a homeowners' exemption has been received is eligible as a replacement dwelling to which the base year value of the former residence may be transferred, provided all statutory requirements are satisfied.

The fact that the purchaser agrees to purchase the condominium subject to a "Shared Appreciation Agreement" is immaterial, so long as the purchaser obtains the full fee interest in the property. The seller's contingent right to a future payment is not an interest in real property. The obligation to make a future payment may be considered in determining the full cash value of the condominium. C 8/9/1991.