ACA 20: Property taxation: base year value: transfer.

The California Constitution generally limits ad valorem taxes on real property to 1% of the full cash value of that property. For purposes of this limitation, full cash value is defined as the assessors valuation of real property as shown on the 197576 tax bill under full cash value or, thereafter, the appraised value of that real property when purchased, newly constructed, or a change in ownership has occurred. The California Constitution authorizes the Legislature to provide that a severely disabled person and a person over 55 years of age may transfer the base year value, as defined, of property that is eligible for the homeowners property tax exemption to a replacement dwelling that is of equal or lesser value located within the same county as the property from which the base year value is transferred, and, if a county ordinance so providing has been adopted, to a replacement dwelling that is located in a different county.

This measure, on and after January 1, 2019, would instead allow the base year value of property eligible for the homeowners exemption of any person aged 55 years or older or who is severely disabled to be transferred to any replacement dwelling, regardless of its value or whether it is located within the same county. The measure, on and after January 1, 2019, would also allow for such a transfer of base year value of property eligible for the homeowners exemption of any person younger than 55 years of age, but only one such transfer while that person is younger than 55 years of age.