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
200.0119 Replacement Property. A taxpayer has purchased a condominium to replace his principal residence and plans to purchase an adjacent condominium and then commence construction to merge the two units into one. In order for the merged unity to qualify as a replacement dwelling under Revenue and Taxation Code section 69.5, the purchase of both units must occur within two years of the sale of the original property, and the new construction converting the units to a single, merged unit which is eligible for the homeowners' exemption must be completed within two years after the sale of the original property. C 3/23/2001.