California Revenue and Taxation Code

§ 69.5

RTC § 69.5 Effective Jan 1, 2012Div. 1 · Part 0.5 · Ch. 2

Statute text

(a)(1) Notwithstanding any other provision of law, pursuant to subdivision (a) of Section 2 of Article XIIIA of the California Constitution, any person over the age of 55 years, or any severely and permanently disabled person, who resides in property that is eligible for the homeowners’ exemption under subdivision (k) of Section 3 of Article XIII of the California Constitution and Section 218 may transfer, subject to the conditions and limitations provided in this section, the base year value of that property to any replacement dwelling of equal or lesser value that is located within the same county and is purchased or newly constructed by that person as his or her principal residence within two years of the sale by that person of the original property, provided that the base year value of the original property shall not be transferred to the replacement dwelling until the original property is sold.

(2)Notwithstanding the limitation in paragraph (1) requiring that the original property and the replacement dwelling be located in the same county, this limitation shall not apply in any county in which the county board of supervisors, after consultation with local affected agencies within the boundaries of the county, adopts an ordinance making the provisions of paragraph (1) also applicable to situations in which replacement dwellings are located in that county and the original properties are located in another county within this state. The authorization contained in this paragraph shall be applicable in a county only if the ordinance adopted by the board of supervisors complies with all of the following requirements:

(A)It is adopted only after consultation between the board of supervisors and all other local affected agencies within the county’s boundaries.

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Legislative history

Amended by Stats. 2011, Ch. 351, Sec. 4. (SB 947) Effective January 1, 2012.