Here s How To Transfer Your Low Property Taxes To Your Next Home!

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1 Ira & Carol Serkes RE/MAX Executive 1758 Solano Avenue Berkeley, CA Here s How To Transfer Your Low Property Taxes To Your Next Home!

2 Ira & Carol Serkes Executive Web Site Blog & Podcasts We re Ira & Carol Serkes... Full service RE/MAX Executive Realtors who specialize in helping nice folks sell and buy wonderful homes in the East Bay s most livable neighborhoods. We welcome and value referrals of friends and family. The National Association of Realtors reports that over 77% of buyers search for homes online... and that multiple photographs and detailed property information are the two most valuable features home buyers want. That s why we create custom web sites for our home sellers, with extensive photo portfolios, detailed home information, comprehensive neighborhood links, QuickTime Video interviews and superb web site placement on both Google and Google Blog Search. Want to know what your home is worth? comparative market analysis.com will send a report directly to your inbox. Need immediate service? Call us or Ira s cell phone Interested in selling or buying a fine home? berkeleyfinehomes.com is where to go. Ira Serkes is a founding member of The Institute for Luxury Home Marketing, and co-author of Get the Best Deal When Selling Your Home: San Francisco Bay Area Edition and Nolo Press best selling book How to Buy a House in California! Want to see what s for sale right now? berkeley-real-estate.com has up-to-date listings! Curious about hot real estate topics and local neighborhood information via web, blog and podcasts? Visit berkeleyhomes.com and berkeleyblogcast.com

3 Property Tax Relief: Are You A Qualified Seller? A special program lets qualified California sellers transfer their Proposition 13 assessed value to a replacement home. This program can save you thousands of dollars in taxes every single year! You ll be able to move closer to family, friends, transportation, or shopping, and retain the same low property tax base of your current home! Did You Recently Purchase Your Replacement Home? You still might be able to take advantage of this program! Act quickly, though... there are strict deadlines involved. Important Factors In Determining Eligibility: Your Age And Disability Status County In Which You Purchased Your Replacement Home Price Of Original Home And Replacement Home Time Period In Which You Bought And Sold Ira & Carol Serkes Executive Toll Free or BerkeleyHomes.com & BerkeleyBlogCast.com

4 Here s A Quick Qualification Summary Your county s tax assessor is responsible for the transfer of property tax base program and you should contact that office to be sure of the details. To aid you in learning more about current terms and conditions we ve included a report from the Alameda County Assessor s Office. Note that: 1: At least one seller of the original home must be at least age 55, or severely and permanently disabled; 2: Generally, this is a one-time benefit. Sellers of an original home must not have been granted program benefits prior, unless they became eligible based on attaining the age of 55 and then subsequently became disabled. In that case, a seller may qualify for a second claim based on their disability status; 3: Your replacement home must be purchased or newly constructed within two years, either before or after the sale of your original home; Wow! If you bought your replacement home within the last two years, you may still qualify! Be sure to contact your assessor s office immediately: you must submit your claim within three years of your sale. 4: Your replacement home must be of equal or lesser value than your original home: Watch out: equal or lesser value requires careful determination: more about that in the following pages. 5: Your replacement home must either be within the same county as the original home you sell, or in one of the following seven counties; throughout this report, we ll refer to them as the Magnificent Seven! In Northern California: In Southern California: Alameda, San Mateo & Santa Clara Los Angeles, Orange, San Diego & Ventura

5 County Eligibility Requirements Every California county allows you to retain your tax base if you move within the same county and meet all other criteria! You CAN: Transfer Your Assessed Value When You: Sell your large home in the Berkeley Hills (Alameda County) and move to a less expensive, smaller home within walking distance of the Cheese Board Pizza (the world s best!) in North Berkeley (Alameda County); Move from Kensington (Contra Costa County) to Rossmoor s retirement community in Walnut Creek (Contra Costa County) to be closer to friends living there, and near your three grandchildren living in Moraga (Contra Costa County); Move from Kensington (Contra Costa County) to Berkeley (Alameda County), or from Redwood City (San Mateo County) to Albany (Alameda County). This is because Alameda is one of the Magnificent Seven which allows replacement homeowners coming from all California counties to retain their tax base. You CANNOT: Transfer Your Assessed Value When You: Sell your Albany home (Alameda County) and buy a replacement home on Coventry Road in Kensington (Contra Costa County) to be closer to the Kensington Circus Pub at Colusa Circle (one of our favorite places!) You would not be eligible to transfer your tax base because Contra Costa is not one of the Magnificent Seven, and does not accept tax transfers from other counties.

6 Price Eligibility Requirements Your replacement home must be of equal or lesser value compared to the value of your original home. Caution! equal or lesser value can be confusing! If you purchased your replacement home before you sold your original home, then in order to qualify, the value of your replacement home must cost less than (or be equal to) 100% of the value of your original home; or If you purchased your replacement home within the first year following the sale of your original home, then in order to qualify, your replacement home must cost less than (or be equal to) 105% of the value of your original home; or If you purchased your replacement home within the second year following the sale of your original home, then in order to qualify, your replacement home must cost less than (or be equal to) 110% of the value of your original home. You Can: Sell for $975,000 and buy a replacement home for $600,000 Why? $600,000 is less than $975,000; Sell for $660,000 and buy for $690,000 within the first year. Why? $690,000 is 104.5% of the selling price (you re within the one year 105% rule); Sell for $750,000 and buy for $815,000 within the second year. Why? $815,000 is 108.7% of the selling price (you re within the two year 110% rule). Note: the above examples assume you meet all other age and county requirements. But You Cannot: Buy a replacement home for $815,000 and subsequently sell your original home for $750,000. You bought your replacement home before you sold your original home, and its cost was higher than the sale price of your original home!

7 Dear Carol and Ira: We wanted to send our heartfelt appreciation for all your good work representing us in the sale of our home. At all times we have found you to be professional, caring, informative, and fun to work with! Additionally, my dad is 83 years old, so you have been particularly helpful to both of us in helping my dad through the transition of the sale of his home of 49 years. We each found you through different channels: my dad had heard about you through the neighbors in the area - you came highly recommended; I found you because you represented a house up the street. I went to the web site where you featured that property. I was amazed at how complete the information was on that particular home and, working in the research area of the transformation of the marketplace via the Internet, I recognized that you were ahead of the pack so to speak. Lastly, you return calls quickly and your experience levels are above average. On top of it all, you are nice people! Thank you again for all your good work. My best, Cindy Sparhawk

8 Need Legal Or Tax Advice? This report is meant to give you an overview of a special property tax program. Please consult with your attorney and/or your tax advisor since they re the ultimate experts! We ve enclosed information from the Alameda County Assessor s Office, and also an article written by the Los Angeles County Assessor s Office, to help you in determining your tax transfer eligibility. There may be important income tax considerations when selling, so we ve also included excerpts from IRS Instructions (Instructions for Schedule D) and the cover sheet for IRS Publication 523 (Selling Your Home). Need More Real Estate Information? Call Us! Let s get together! We ll review all your options so you ll be able to decide what s best for you. As real estate professionals with expertise in selling homes for the best possible prices, with the fewest problems, in the shortest time, we specialize in helping nice folks sell and buy wonderful homes in Berkeley and nearby communities. Relocating? Call Us For A Referral To An Excellent Realtor! Thinking of moving outside of the area we serve? We ve personally met many other great real estate agents throughout the United States and Canada! Let us know where you ll be moving, and we ll refer you to someone who will take wonderful care of you! Which Of Your Friends Would Like This Report? Ask them to call us and we ll send them a copy too! We welcome and value your referrals of friends and family. Ira & Carol Serkes Executive Toll Free or BerkeleyHomes.com & BerkeleyBlogCast.com

9 Our custom moving van is free for our clients, community, and charitable organizations It s also available to others in return for a contribution to Children s Hospital Foundation supporting Oakland s Children Hospital! Belong to an organization putting on a silent auction? Let us know and we ll be happy to donate the use of our van! Ira & Carol Serkes, your neighborhood RE/MAX Realtors! Ira & Carol Serkes Executive Toll Free or BerkeleyHomes.com & BerkeleyBlogCast.com

10 Credentials... And A Bit About Us Ira is a Seniors Real Estate Specialist (SRES), trained in special needs and programs for those 55 and better. He is one of the first 500 Realtors in the United States to obtain the epro-500 (Electronic Real Estate Professional) designation, is an Accredited Buyer Representative (ABR), and Graduate of the Realtors Institute (GRI). Ira is co-author of Get the Best Deal When Selling Your Home San Francisco Bay Area Edition and Nolo Press best selling book, How To Buy A House In California, now in its 10th edition after selling almost 100,000 copies. He and his wife Carol have been working with wonderful sellers and buyers in Berkeley and nearby communities since Both Ira and Carol are Certified Residential Specialists (CRS) by the National Association of Realtors, and are members of Allen Hainge s CyberStars program, an elite group of 200 Realtors in the United States, Canada, Mexico, Australia and The Bahamas who use advanced technology to provide clients with extraordinary service. Ira and Carol have been honored by RE/MAX of California & Hawaii for their dedication to a referral based business. Ira and Carol have received the RE/MAX award for Most Number Of Completed Referrals for eight consecutive years. Ira was honored to be 2004 CyberStar of the Year. In a previous life, Ira was a Chemical Engineer. He graduated from Cooper Union for the Advancement of Science and Art in 1970, and received his Master s Degree from the University of Massachusetts, Amherst in He holds two patents for his work at Chevron Research Company, and speaks fluent Bronx. Ira and Carol live with two kittens Poudini & Puddy Maximus in Berkeley s Thousand Oaks neighborhood. Here s a photo of their beloved Lucy The Cat (LTC), sadly now gone. There is no truth to the rumor that Ira and Carol painted their moving van to match Lucy s colors! Thank you for reading this all the way to the end! It s a wonderful life, isn t it!

11 Property Tax Qualification Flow Chart Are you at least 55 or permanently disabled? No Yes Moving within same County or into Magnificent 7? No Yes Magnificent 7 Counties: Alameda, San Mateo, Santa Clara, Los Angeles, Orange, San Diego & Ventura Will your sale and purchase be within 2 years of each other? No Yes Was your replacement home... A: Bought before you sold AND less expensive (or same price) as previous home, or; B: Bought within 1 year after selling AND less than (or equal to) 105% of selling price, or; C: Bought within 2 years after selling AND less than (or equal to) 110% of selling price? Doesn't look like you qualify - call Assessor's Office for details Yes Congratulations! Looks like you qualify! Flow chart by Ira Serkes, RE/MAX Executive Information deemed to be correct but not guaranteed Be sure to consult your legal & tax advisor before proceeding Property Tax Relief Report Copyright 2005 Ira & Carol Serkes

12 OFFICE OF ASSESSOR COUNTY OF ALAMEDA 1221 Oak St., County Administration Building Oakland, California (510) / FAX (510) RON THOMSEN ASSESSOR TRANSFER OF PROPERTY TAX BASE FOR PERSONS 55 AND OLDER OR SEVERELY AND PERMANENTLY DISABLED (Revenue and Taxation Code 69.5) (Proposition 60, 90, or 110) PURPOSE This pamphlet will acquaint you with Section 69.5 which allows any person age 55 or older or severely and permanently disabled to transfer the base year value of their original property to a replacement dwelling of "equal or lesser value" that is purchased or newly constructed within two years of the sale of the original property. The full text of the law can be found in the State of California Property Taxes Law Guide, Volume 1. HISTORY Proposition 60 allowed for base value transfers to qualified replacement dwellings of "equal or lesser value" within the same county that were purchased or newly constructed on or after November 6, Proposition 90 extended the Prop 60 benefits to qualified homeowners transferring their base year values from other counties and was effective July 13, 1989 in Alameda county. Proposition 110 extended the benefits to qualified disabled homeowners of any age and was effective for replacement dwellings purchased or newly constructed on or after June 6, Senate Bill 1692 effective September 25, 1996 allowed qualified persons who had prior claims based on age 55 to have a second claim based on disability. REQUIREMENTS 1. At the time of the sale of the original property, the claimant or the claimant's spouse who resides with the claimant is at least 55 years of age, or severely and permanently disabled. The claimant's spouse need not be an owner of record of the original property. If co-owners, only the co-owner who is the claimant must be age 55 or disabled. 2. The claimant has not previously been granted, as a claimant, the property tax relief provided by this section. (See definition of "claimant") The sole exception is where the claimant was first granted relief based on age 55 and subsequently became severely and permanently disabled. The claimant may then qualify for a second claim based on the disability. 3. The replacement property must be purchased or newly constructed within two years either before or after of the sale of the original property. South County Toll Free (800)

13 4. The sale of the original property must be a change in ownership that subjects the property to reappraisal at its current market value or results in a base year value transfer as a replacement dwelling for someone qualifying under Section 69.5 or the disaster relief provisions of Section At the time the claim is filed, the claimant is an owner of the replacement dwelling and occupies it as his or her principal place of residence and, as a result thereof, the property is eligible for the homeowner's exemption. 6. Either at the time of its sale or at the time it was substantially damaged by calamity or within two years of the purchase or new construction of the replacement dwelling, the claimant was an owner of the original property and occupied it as his or her principal place of residence and, as a result thereof, the property was eligible for the homeowner's exemption. 7. The replacement dwelling must be of "equal or lesser value" than the original residence. "Equal or lesser value" means that the market value of a replacement dwelling may not exceed: 100% of the market value of the original property if the replacement dwelling is purchased or newly constructed prior to the date of sale of the original property, 105% of the market value of the original property if the replacement dwelling is purchased or newly constructed within the first year following the date of sale of the original property, or 110% of the market value of the original property if the replacement dwelling is purchased or newly constructed within the second year following the date of sale of the original property. The market value of the original property may include indexing adjustments. Unless the replacement dwelling satisfies the "equal or lesser value" test, no benefit is available, not even a partial benefit. TO APPLY To apply for relief the completed claim form and required documents must be filed with the assessor within three years of the date the replacement dwelling is purchased or newly constructed. This claim is not open to public inspection. TO RESCIND To rescind a claim a written notice of rescission must be delivered to the assessor within certain time limits. A fee may be required. DEFINITIONS "Claimant" means any person claiming relief provided by this law and their spouse if the spouse is also a record owner of the replacement dwelling. "Person" means any individual, but does not include any firm, partnership, association, corporation, company, or other legal entity or organization of any kind except that the claimant(s) may hold their residence in trust for themselves. "Severely and permanently disabled person" is any person who has a physical disability or impairment, whether from birth or by reason of accident or disease, that results in a functional limitation as to employment or substantially limits one or more major life activities of that person. "Original property" and "Replacement dwelling" means place of abode that is owned and occupied by the claimant as his or her principal place of residence. Each unit of a multi-unit dwelling is considered a separate dwelling for claim purposes. "Sale and Purchase" mean "a change in ownership for consideration". "Market value of the original property" means its market value at the time of its sale or immediately prior to its damage by calamity if it was sold in its damaged state.

14 QUESTIONS & ANSWERS Q: When making the "equal or lesser value" test, is a simple comparison of the sales price of the original residence and the purchase price or cost of new construction of the replacement dwelling all that is needed? A: Generally, when a property is sold on the open market its sales price is considered market value. However, because sale/purchase prices or costs of new construction are not always the same as market value, the assessor may have to determine the market value, which may differ from the sale/purchase price or cost of new construction. Note: Only the market value of the primary residence and its related improvements are used for the "equal or lesser value" test. For single unit properties this represents the total value of the property. For residential properties with commercial uses or extra living units the appraiser must deduct the market value of those portions for the "equal or lesser value" tests. (See example below) Q: The claimant sold his original two-unit property that consisted of his primary residence and a second unit and purchased a replacement dwelling. What portion of his sold property will qualify as the "original property" for the "equal of lesser value" test? A: For the "equal or lesser value" test, the "original property" consists of the claimant's primary residence (land and improvements). The market value of the second unit (land and improvements) would be deducted from the market value of the total property. Only the amount of the indexed base value allocated to the original residence would be transferred. Q: If otherwise qualified, will I meet the "equal or lesser value" test if I sold my original residence July 20,1999 for $350,000 and purchased my replacement dwelling May 3, 2000 for $365,000? Both properties were bought and sold for market value. A: Yes. The replacement dwelling was purchased within the first year following the sale of the original and its purchase price did not exceed 105% of the market value of the original residence ($350,000 X 1.05 = $367,500). (See requirement No. 7) Q: Can an otherwise qualified owner buy a vacant lot and then build a new replacement dwelling and qualify? A: Yes. As long as the completion of the new dwelling took place within two years, either before or after, the sale of the original property. The purchase of the lot can take place at any time before the completion of new construction. For the "equal or lesser value" test the total market value of the replacement property (land and improvements) is determined as of the date of the completion of the new construction. Q: Can I, a qualified claimant, sell my original home and buy a replacement dwelling with co-owners not of age 55 and transfer my base value? A: Yes, co-owners of any age are allowed. However, the total full market value of your original home will be compared with the total full market value of the replacement dwelling for the "equal or lesser value" test regardless of the fact that you are only a part owner of the replacement dwelling. Q: Can two owners sell their separately owned and occupied properties, combine their base year values, and purchase one replacement dwelling together? A: No. There is no provision for combining base year values. The base year value of only one original property can be transferred to the replacement dwelling.

15 Q: Can two co-owners sell their original residence they shared and each still qualify for the claim when each acquires a separate replacement dwelling? A: No. Only one can receive the benefit. The qualified co-owners must decide between themselves who will get the benefit. Only in the case of a multiple unit original property where several co-owners qualify for separate homeowner's exemptions may portions of the factored base year value of that property be transferred to several qualified replacement dwellings. Q: Can I sell my original property and purchase a 50% interest in a replacement dwelling and still qualify? A: No. A partial or fractional interest purchase is not eligible. The entire interests in both the replacement dwelling and the original property must be purchased and sold. Q: Will the transfer of an original property or acquisition of a replacement dwelling by gift or devise qualify under Section 69.5? A: A property that is given away or acquired by gift or devise will not qualify because nothing of value was exchanged. Section 69.5 requires a "sale" of the original property and a "purchase" of a replacement dwelling. Q: May I sell my original property to my child and give my child the benefit of the parent-child exclusion and still transfer my base value when I purchase a replacement property? A: No. The parents need to choose to which exclusion they wish to apply their base year value. If the parents sell to their children and choose to transfer their base year value to them using the parent-child exclusion, then the base year value is no longer theirs to transfer to a replacement residence. Q: Can a mobile home qualify as either an original or a replacement dwelling for the base year value transfer? A: Yes, but only if the mobile home is subject to local property taxation (LPT). Mobile homes that pay vehicle license fees annually (VLF) would not qualify because they have no base year values. Q: Can a supplemental tax assessment be issued when the base year value is transferred from an original property to a replacement dwelling? A: Yes. The law requires that supplemental assessments, both positive and negative, be calculated for all transactions that result in base-year value changes. This is accomplished by comparing the base value transferred from the original property to the assessment on the replacement dwelling. Q: After receiving the notice that my application has been approved, do I still need to pay the existing tax bills? A: Yes. All outstanding tax bills on your replacement property must be paid. They will not be cancelled or corrected. Any overpayments you make will be refunded when the claim is processed. Q: Can new construction completed on a replacement dwelling after the transfer of the base value also qualify for relief under this section? A: Yes, provided that the new construction was completed within two years of the sale of the original property, the assessor is notified within 30 days of the completion, and the market value of the new construction plus the market value of the replacement dwelling when acquired does not exceed the market value of the original property as determined for the original claim.

16 TELEPHONE NUMBERS ASSESSOR'S DEPARTMENT General Information Assessee Services / Base Value Transfers / (Age 55 / Disabled / Disaster Relief / Eminent Domain) Exclusions / (Parent-Child / Grandparent-Grandchild) Change in Ownership Information / Homeowner's Exemption / Business Personal Property General Information / Boats and Aircraft / South County Toll Free / Web Site: RELATED COUNTY OFFICES Clerk, Assessment Appeals Board Assessment Appeals Information / Tax Collector Tax payment information including 24 Hour Automated System / Auditor Property Tax Rates / Recorder Deed Recording Information / Rev 7/02

17 BOE-60-AH (FRONT) REV. 6 (8-03) CLAIM OF PERSON(S) AT LEAST 55 YEARS OF AGE FOR TRANSFER OF BASE YEAR VALUE TO REPLACEMENT DWELLING (Intracounty and Intercounty, When Applicable) (Section 69.5 of the Revenue and Taxation Code) RON THOMSEN, ASSESSOR 1221 Oak Street, Room 145 Oakland, CA (510) / FAX (510) A. REPLACEMENT DWELLING ASSESSOR S PARCEL NUMBER RECORDER S DOCUMENT NUMBER DATE OF PURCHASE PURCHASE PRICE DATE OF COMPLETION OF NEW CONSTRUCTION COST OF NEW CONSTRUCTION PROPERTY ADDRESS (street, city, county) $ $ Was the new construction described performed on a replacement dwelling which has already been granted the benefit under section 69.5 within the past two years? Yes No If yes, what was the date of your original claim? B. ORIGINAL (FORMER) PROPERTY ASSESSOR S PARCEL NUMBER DATE OF SALE SALE PRICE PROPERTY ADDRESS (street, city, county) $ Was this property your principal place of residence? Yes No NOTE: When applicable, if the property is located in a different county from that of the replacement property, you must attach a copy of the original property s latest tax bill and any supplemental tax bill(s) issued before the date of sale. Also, was there any new construction to this property since the last tax bill(s) and before the date of sale? Yes No If yes, please explain: Was this property substantially damaged or destroyed by misfortune or calamity (not a Governor-declared disaster) and sold in its damaged state? Yes No If yes, what was the date of the misfortune or calamity? C. CLAIMANT INFORMATION (please print) NAME OF CLAIMANT SOCIAL SECURITY NUMBER DATE OF BIRTH AT LEAST AGE 55 Yes No NAME OF SPOUSE (provide if the spouse is a record owner of either the original property or the replacement dwelling) SOCIAL SECURITY NUMBER DATE OF BIRTH AT LEAST AGE 55 Have either you or your spouse previously been granted relief under section 69.5 because of disability? Yes No CERTIFICATION I/We certify (or declare) under penalty of perjury under the laws of the State of California that: (1) neither of the claimant(s) above have previously been granted relief under section 69.5; (2) as a claimant/occupant I/we occupy the replacement dwelling described as my/our principal place of residence; and (3) the foregoing, and all information hereon, is true, correct, and complete to the best of my/our knowledge and belief. CLAIMANT S SIGNATURE SPOUSE S SIGNATURE HOME PHONE NUMBER ( ) ( ) MAILING ADDRESS Yes No DATE DATE DAYTIME PHONE NUMBER If there are not enough spaces above for additional claimant(s) information, please use the above format on a separate sheet of paper and attach. If you have any questions about this form, please contact the Assessor s Office. (Did you, as a claimant, remember to include a copy of your birth certificate with this form? If not, please do so.) All information provided on this form is subject to verification. IF YOUR APPLICATION IS INCOMPLETE, YOUR CLAIM MAY NOT BE PROCESSED. South County Toll Free (800)

18 BOE-60-AH (BACK) REV. 6 (8-03) GENERAL INFORMATION California law allows 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 (place of residence) or currently receiving the Disabled Veterans Exemption to transfer the base year value of the original property to a replacement dwelling of equal or lesser value within the same county. For purposes of this exclusion, original property and replacement dwelling mean a building, structure, or other shelter constituting a place of abode which is owned and occupied by a claimant as his or her principal place of residence, and land eligible for the homeowner s exemption. If an original property is a multi-unit dwelling, each unit shall be considered a separate original property. In addition, to qualify for transfer of a base year value to a replacement dwelling all the following requirements must be met: (1) It must have been acquired or newly constructed on or after November 5, 1986 (except transfers between counties see below); (2) The replacement dwelling must be purchased or newly constructed within two years of the sale of the original property; (3) The original property must be subject to reappraisal at its current fair market value in accordance with section or 5803 of the Revenue and Taxation Code or must receive a transferred base year value as determined in accordance with sections 69, 69.3 or 69.5 of the Revenue and Taxation Code, because the property qualifies as a replacement residence; and (4) A claim for relief must be filed within 3 years of the date a replacement dwelling is purchased or new construction of that replacement dwelling is completed. If you are filing a claim for additional treatment under section 69.5 as the result of new construction performed on a replacement dwelling which has already been granted the benefit, you must complete the reverse side of this form. You may be eligible if the new construction is completed within two years of the date of sale of the original property; you have notified the Assessor in writing of the completion of new construction within 30 days after completion; and the fair market value of the new construction (as confirmed by the Assessor) on the date of completion, plus the full cash value of the replacement dwelling at the time of its purchase/date of completion of new construction (as confirmed by the Assessor) does not exceed the equal or lesser value test. In general, equal or lesser value means that the fair market value of a replacement property on the date of purchase or completion of construction does not exceed 100 percent 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 percent of market value of original property as of its date of sale if a replacement dwelling is purchased within one year after the sale of the original property; 110 percent of 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. If the original property was substantially damaged or destroyed by misfortune or calamity (not a Governordeclared disaster) and sold in its damaged state, the fair market value of the property immediately preceding the damage or destruction is used for purposes of the equal or lesser value test. A property is substantially damaged or destroyed if it sustains physical damage amounting to more than 50 percent of its full cash value immediately prior to the misfortune or calamity. The disclosure of social security numbers by all claimants of a replacement dwelling is mandatory as required by Revenue and Taxation Code section [See Title 42 United State Code, section 405(c)(2)(C)(i) which authorizes the use of social security numbers for identification purposes in the administration of any tax.] The numbers are used by the Assessor to verify the eligibility of persons claiming this exclusion and by the state to prevent multiple claims in different counties. This claim is not subject to public inspection. If you feel you qualify for this exclusion, you must provide evidence that you are at least 55 years old and/ or declare under penalty of perjury (see reverse) that you are least 55, and complete the reverse side of this form. Generally, claimants will be granted property tax relief under section 69.5 of the Revenue and Taxation Code only once. However, the Legislature created an exception to this one-time-only clause. If a person becomes disabled after receiving the property tax relief for age, the person may transfer the base year value a second time because of the disability. A separate form for disability must be filed. Contact the Assessor. PLEASE NOTE: Transfers between counties are allowed only if the county in which the replacement dwelling is located has passed an authorizing ordinance. The acquisition of the replacement dwelling must occur on or after the date specified in the county ordinance. (Please complete applicable information on reverse side.)

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