Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2016
Property Tax Annotations
200.0000 BASE YEAR VALUE TRANSFER
(b) BASE YEAR VALUE TRANSFER – GOVERNMENT ACQUISITION
200.0356 Replacement Property. Replacement land acquired to replace land taken by governmental action or eminent domain is excluded from change in ownership under Revenue and Taxation Code section 68 and Property Tax rule 462.5 if it is comparable to the land taken, even though the land taken had a building thereon. The exclusion is available only to the owner or owners of the property taken, however. Thus, if the land taken were owned by a partnership, the replacement land would have to be acquired by the partnership, not by the individual partners as tenants in common; but the exclusion would be available to the partnership to the extent of its interest in the replacement land, whether 100 percent or less than 100 percent. C 4/27/1988.