Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2013
Property Tax Annotations
200.0000 BASE YEAR VALUE TRANSFER
(b) BASE YEAR VALUE TRANSFER – GOVERNMENT ACQUISITION
200.0357 Replacement Property. Property Tax rule 462.5 requires ownership both of "replaced property" and of "replacement property" in order for the full exclusion from change in ownership provided by section 2(d) of article XIII A of the California Constitution, Revenue and Taxation Code section 68, and the rule to be available. Thus, only improvements on replacement property consisting of a fee interest in improvements and a ground lease in excess of 35 years qualify for the transfer of the taxable value from the replaced property. While a lease of taxable real property for a term of 35 years or more is a change in ownership for purposes of reassessment, such a lease does not convey ownership of the property under real property law. C 1/7/1994.