The Requirements for This Property Tax Exclusion are as Follows:

§         At the date of transfer of the original property, the transferor (seller) must be at least 55 years of age. (If married, only one spouse must be at least 55, but must reside in the residence; if co-owners, only one co-owner must be at least 55 and must reside in the residence.)

§         The replacement property must be purchased or newly constructed on or after November 5, 1986. The replacement residence must be purchased or newly constructed within 2 years before or after the sale of the original residence.

§         The sale of the original residence must qualify for reassessment as the result of its transfer.

§         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 and replacement residences.

§         The replacement residence must be “equal to or lesser” in market value than the original residence. In general, “equal or lesser” than market value of a replacement dwelling has been defined as: 100% of market value of original property as of its date of sale if a replacement dwelling is purchased before an original property is sold; 105% of market value of original property as of its date of sale if a replacement dwelling is purchased the same day or within one year after the sale of an original property; 110% of market value of original property as of its date of sale if a replacement dwelling is purchased within two years after the sale of an original property.

§         The claimant and/or claimant’s spouse can only be granted relief under this section once. The disclosure of social security numbers by all applicants is required. They are used by the assessor to verify the eligibility of persons claiming this exemption and by the State to prevent multiple claims in different counties.  This claim is not open to public inspection.

To Apply
      If you feel you meet the qualifications for this exclusion, you must provide evidence and/or declare under penalty of perjury that you are at least 55 years old, and complete the claim form. The claim for relief must be filed within three years of the date a replacement dwelling is purchased or new construction of the replacement dwelling is completed. To obtain a claim form, call your Local Assessor’s Office.

Contact your local Tax Assessor for more information.

Charlie Dunn, CRS
Prudential California Realty
11306 183rd Street, Cerritos, CA 90703
Direct Line: 562-430-4007
Make Yours a "DunnDeal" 

DRE# 00952327