Transfer of Tax Basis - Alameda County

By Sunil The Fremont Realtor - October 10, 2019

October 2019 | Vol. 1 | Issue 3

Did you know that it may be possible to keep your property tax value when you sell your principal residence and replace it with another home (i.e. no increase in property tax base)?

Individuals age 55 and older can transfer the property tax base value on their current principal residence to a replacement dwelling located in Alameda County or in certain other California counties.

Facts about Property Tax Base Value Transfers (pursuant to CA R&T Code 69.5):

The original property must be your principle place of residence at the time of its sale.
The replacement property can be purchased within two years (either before or after) of the sale of the original property.
You must be age 55 or older when you sell your original residence.
For properties with more than one owner, only one of the owners residing at the property must be age 55 or older to qualify for this benefit.
This is a one-time benefit with the sole exception that if you received relief for age and subsequently became severely and permanently disabled and had to move due to the disability, you are allowed to apply for a second base value transfer.
You cannot receive the benefit of transferring your base year value to your replacement property under section 69.5, if you transfer your original property to your child and file a claim for parent to child exclusion under section 63.1. In this case, the base year value would no longer be yours to transfer to a replacement residence.
The market value of your replacement property must be equal to or less than the market value of the original property on its sale date (with some exceptions).

To apply and receive full 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.
For more information, see our FAQ brochure at

http://www.acgov.org/forms/assessor/Persons_55_Perm_Disabled_Transfer_Brochure.pdf

If you have any questions about base value transfers, please call our office at (510) 272-3797 or visit our website www.acgov.org/assessor/decreasetax/transfer-tax/senior-citizens.htm

Sincerely,