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Claims must be filed within three years of the date the
replacement property is purchased or newly constructed.
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The replacement dwelling must be purchased or newly
constructed within two years (before or after) the sale of the original
property. The purchase or new construction of the replacement dwelling must
include the purchase of that portion of land on which the replacement structure
will be situated.
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Special rules apply to multi-unit dwellings.
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The principal claimant must be 55 years of age at the
time the original property was sold, and an owner of record of the original
property and replacement dwelling.
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The principal claimant must have been (1) receiving or
eligible for a Homeowner's Exemption or (2) have been receiving a Disabled
Veteran's Exemption on the original property and replacement dwelling.
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The market value of both the original property and the
replacement dwelling will be adjusted to include the market value of any
improvement bonds which may appear as liens on the properties at the time of
sale.
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The replacement dwelling must be equal to or lesser in
value than the original property. "Equal or lesser value" of a replacement
dwelling has been defined as: 100% of the market value of the original property
as of its date of sale if a replacement dwelling is purchased before an
original property is sold; 105% of the market value of the original
property as of its date of sale if a replacement dwelling is purchased within
one year after the sale of an original property; 110% of the
market value of the original property as of its date of sale if a replacement
dwelling is purchased within the second year after the sale of the
original property.
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The following is a list of counties that will allow a
tax base transfer:
- Alameda
- Kern
- Los Angeles
- Marin
- Modoc
- Orange
- San Diego
- San Mateo
- Santa Clara
- Ventura