Property tax: base year value transfers.

The California Constitution authorizes the Legislature to provide that a person who is either severely disabled or 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, provided the replacement dwelling is purchased or newly constructed within 2 years of the sale of the original property, subject to certain conditions. Among those conditions is the requirement that the claimant has not previously been granted, as a claimant, this property tax relief. Under existing law, that limitation does not apply to any person who becomes severely and permanently disabled subsequent to being granted, as a claimant, the property tax relief provided by this section for any person over the age of 55 years. This bill would additionally provide that the limitation does not apply to any person who turned 55 years of age subsequent to being granted, as a claimant, the property tax relief provided by this section for any person who is severely and permanently disabled.