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 200.0116

200.0116 Replacement Property-Lease. In order to qualify for a transfer of base year value pursuant to Revenue and Taxation Code section 69.5 where the date the replacement dwelling is purchased is the latest date (subdivision (h)(1)), a claimant must file a claim within three years of the date of purchase of the replacement dwelling and must own and occupy the replacement dwelling, thereby making it eligible for the homeowners' exemption, at the time the claim is filed. Thus, if a claimant rents out the entire replacement dwelling for two years after purchase, then occupies it as his principal residence and timely files a claim, the property would qualify for a transfer of base year value pursuant to section 69.5, assuming all other requirements are met. If timely filed, the claim would be effective from the date of the purchase of the replacement dwelling. C 4/3/2001.