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Proposition 60 allows qualified homeowners the transfer of the base-year value of their principal residence to a replacement dwelling located in the same county.So - specific application procedure is defined by your county.If you are in LA county - that is a form to use
Unless the replacement dwelling satisfies the "equal or lesser value" test, no benefit is available.
The comparison must be made using the full market value of the original property as compared to the full market value of the replacement dwelling as of its date of purchase/completion of new construction. This is important because the sales/purchase price is not always the same as market value. The assessor must determine the market value for each property, which may differ from the sale price.
Assuming the current market value of the replacement dwelling exceeds the new base year value which resulted from a change of ownership of the replacement dwelling. Although the new base-year value was transferred from the original property, it results in a supplemental assessment for the difference between the new base-year value and the current roll value, or $20,000.Please be aware that not all counties participate in proposition 60 program.Riverside County has adopted to participate and they have a specific requirement- homeowners must sell their former residence within 2 years of purchasing the replacement property.- the market value of the replacement property must be equal to or less than the market value of the former residence.So you may not keep your old residence longer - if you fail to sell - you would not be able to keep the tax base.