How do I determine if the replacement property is of “equal or lesser value” than the original?
It depends upon the timing of the purchase or completion of construction of the replacement property. In general, “equal or lesser value” means the fair market value of the replacement property does not exceed one of the following: 100 percent of the market value of the original property, if the replacement property is purchased or newly constructed before the original property is sold. 105 percent of the market value of the original property, if the replacement property is purchased or newly constructed within the first year after the original property is sold. 110 percent of the market value of the original property, if the replacement property is purchased or newly constructed within the second year after the original property is sold. 5. If the market value of my replacement dwelling slightly exceeds the “equal or lesser value” test compared to the market value of my original property, can I still receive partial benefit? No. Unless the replacement dwelling completely satisfies the
Related Questions
- If the current full cash value of my replacement dwelling slightly exceeds the full market value of my original property, can I still receive a partial benefit?
- Can I receive Prop 60 benefits if my original property is inside Orange County but my replacement dwelling is in another county in California?
- Can an original property mobile home qualify for Proposition 60 when a replacement property is acquired?
