Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


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B

200.0000 BASE YEAR VALUE TRANSFER

(b) BASE YEAR VALUE TRANSFER – GOVERNMENT ACQUISITION

Annotation 200.0365

200.0365 Replacement Property—Date of Acquisition. As provided in Property Tax Rule 462.500, property purchased to replace property acquired by a governmental entity is not eligible for the exclusion provided by Revenue and Taxation Code section 68 if it was acquired prior to: (1) the date of the initial written offer for the replaced property; or (2) the date the acquiring entity took final action to approve a project which resulted in an offer for or the acquisition of the replaced property; or (3) the date as declared by the court that the replaced property was taken. However, replacement improvements placed on land after these dates may qualify for the exclusion if they satisfy the requirements of comparability and ownership, even though the land on which the improvement is placed is ineligible for the exclusion. If such improvements qualify, the entire base year value of the property taken (land and improvements) may be transferred to a replacement property consisting of only improvements. Subdivision (d) of Rule 462.500 does not prohibit or restrict the reallocation of base year value when a replacement property consists of only newly constructed improvements. C 4/18/2003.