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What is meant by equal or lesser value than the original dwelling?

April 26, 2017dwelling equal or lesser value meant original

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What is meant by equal or lesser value than the original dwelling?

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In general, “equal or lesser value” means: 100 percent of the market value of an original property if a replacement dwelling is purchased before the original property is sold. 105 percent of the market value of an original property if a replacement dwelling is purchased within one year after the sale of the original property. 110 percent of the market value of an original property if a replacement dwelling is purchased within the second year after the sale of the original property.

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In general, “equal or lesser value” means: • 100 percent of the market value of an original property if a replacement dwelling is purchased before the original property is sold. • 105 percent of the market value of an original property if a replacement dwelling is purchased within one year after the sale of the original property. • 110 percent of the market value of an original property if a replacement dwelling is purchased within the second year after the sale of the original property.