May I, as a former co-owner of an original property, receive partial benefit on my replacement dwelling, along with other co-owners who purchase separate replacement dwellings?
No. The law provides that only one co-owner of an original property that is, or was, qualified for the Homeowners’ Exemption may receive the benefit in a situation like this where all co-owners purchase separate replacement dwellings. The co-owners must determine, between themselves, which one should receive the benefit. Only in the case of a multiple-residential original property, where several co-owners qualify for separate Homeowners’ Exemptions, may portions of the factored base year value of that property be transferred to several qualified replacement dwellings.
Related Questions
- May I, as a former co-owner of an original property, receive partial benefit on my replacement dwelling along with the other co-owners on their separate replacement dwellings too?
- May I, as a former co-owner of an original property, receive partial benefit on my replacement dwelling, along with other co-owners who purchase separate replacement dwellings?
- Can I receive Prop 60 benefits if my original property is inside Orange County but my replacement dwelling is in another county in California?
