The Revenue and Taxation Code defines change in ownership as “a transfer of a present interest in real property, including the beneficial use thereof, the value of which is substantially equal to the value of the fee interest”.
However, either by legislation or voter initiative, several types of transfers are excluded from reassessment. Listed below are those most commonly occurring. Please contact the Assessor’s Office for additional information regarding change in ownership.
Replacement Dwelling Exclusion: Claimant Over 55
Effective November 5, 1986 and provided certain requirements are met, any person who is at least 55 years of age (at the time of sale of original/former property) who resides in a property eligible for the Homeowners Exemption or currently receiving the Disabled Veterans’ Exemption is allowed to transfer the base-year value of the original property to a replacement dwelling of equal or lesser value within the same county. “Original property” and “replacement dwelling” are defined for this exclusion as a building, structure, or other shelter constituting a place of abode which is owned and occupied by a claimant as the principal place of residence, and “land” includes only that area of reasonable size which is used as a site for a residence.
A claim form must be filed for this exclusion within 3 years of the date a replacement dwelling is purchased or new construction of that replacement dwelling is completed. Some counties, by ordinance, do allow the exclusion even if the original residence was in another county. However, the acquisition of the replacement dwelling must occur on or after the date specified in that county’s ordinance.
Please contact the Assessor for more information regarding this exclusion.
This form, including instructions, is available online. Please click here.