How long is a conditional rescission effective?
An owner may receive the PRE on the previous principal residence for up to three years if the property is not occupied, is for sale, is not leased, and is not used for any business or commercial purpose. The owner must annually submit Form 4640 on or before December 31 to verify to the assessor that the property for which the PRE is retained is not occupied, is for sale, is not leased, and is not used for any business or commercial purpose. For example, if an owner received a PRE in 2008 by submitting Form 4640, he or she would have to submit another Form 4640 by December 31, 2008, to qualify for a PRE in 2009.
